AWS CFO John Felton said AI infrastructure and services spending is sustainable
because it is driving material innovation and AWS’s AI capex is producing
returns. As of Q2 AWS’s order backlog is nearly $500 billion across large
corporates, AI labs and SMEs, which gives the company confidence in its capex
plans; Felton said demand is real. He added AWS’s AI server investments have
payback periods under three years and internal data show token usage scales
roughly linearly with productivity gains. AWS is seeing significant investment
returns and productivity improvements and plans to expand AI-related investment.