As a massive enterprise with numerous segments, Amazon (AMZN +0.71%) provides investors with a lot of facts and figures they can use in the research process. But during the most recent quarter, one number stood out. Here's one stat that makes this Magnificent Seven stock hard to ignore right now.
Image source: The Motley Fool.
As of June 30, which was the end of the company's second quarter, Amazon Web Services (AWS) reported a massive customer backlog of $496 billion. This figure represented a notable increase from $364 billion just three months before. And it was up a triple-digit percentage from 12 months earlier.
This single metric reveals why Amazon's capital expenditures, like those of other hyperscalers, are ballooning. They are expected to total $220 billion this year. The dominant cloud computing platform is seeing incredible demand, boosted by interest in artificial intelligence (AI).
NASDAQ: AMZN
Key Data Points
"Customers seeking the full benefits of AI are accelerating their transition to the cloud," Chief Financial Officer Brian Olsavsky said on the second quarter earnings call. This is driving revenue acceleration at AWS, with the top line rising last quarter at the fastest pace in 18 quarters.
However, investors should understand the level of customer concentration here. Earlier in 2026, Anthropic and OpenAI each signed $100 billion multi-year deals with AWS. These leading AI labs generate revenue that will fall significantly short of their spending plans in future years. That funding gap presents a risk for Amazon.
