Amazon's AI business reportedly 'hugely free cash flow negative' amid infrastructure buildout

Business Insider reports AWS infrastructure VP Prasad Kalyanaraman called Amazon's AI business “hugely free cash flow negative” at a September 2026 meeting and expected company-wide free cash flow to remain negative for “the next couple of years or so.” The outlet describes projected server-rack deliveries and power constraints that could tie up cash before deployment. Amazon defends staging hardware near sites and cites AWS growth and backlog as evidence of demand.