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Amazon raised its 2026 capital expenditure forecast from roughly $200 billion to approximately $220 billion, with CEO Andy Jassy attributing the increase directly to higher memory costs on the company's second-quarter earnings call.
That confirmation strengthens the case for Micron Technology (NASDAQ: MU), one of the few memory manufacturers capable of supplying high bandwidth memory and advanced DRAM at scale.
The risk is that memory pricing is inherently cyclical, and a real-time supply squeeze is not a structural guarantee. What Jassy said and what he didn't hedge Jassy's disclosure was specific.
He told investors that the higher cost of memory was pushing the 2026 capex number above the prior estimate of roughly $200 billion, and he did not frame it as a temporary line item.
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