One day after Alphabet (GOOG) (GOOGL) said it would spend between $175B and $185B on capital spending in 2026, Amazon (AMZN) said, “Hold my beer.”
The e-commerce and tech giant said it would spend $200B in 2026, shocking Wall Street, which had expected spending of around $150B. CEO Andy Jassy said there was “strong demand” for the company’s existing offerings and “seminal opportunities” in areas such as artificial intelligence, semiconductors, robotics, and low earth orbit satellites. And while the company tried to ease investor concern by stating it anticipates “strong long-term return on invested capital,” shares fell more than 8% in premarket trading on Friday.
Nonetheless, Amazon’s cash is likely to make its way to several companies. One such potential beneficiary is Marvell Technology (MRVL), which manufactures Amazon’s Trainium processors.
On the earnings call, Jassy was asked about Project Rainier—which was done for Anthropic (ANTHRO)—and the 500,000 Trainium chip deployment and said that number is going to continue to increase. Marvell shares rose 3% in premarket trading on Friday.
AT&T (T) may also be a beneficiary, as the two companies joined hands earlier this week. The Dallas-based telecom will use Amazon Leo’s satellite internet services to offer connectivity to customers in dead zones across the U.S., according to the announcement. Additionally, the deal will see data centers owned by Amazon Web Services connected with high-capacity fiber.
Other potential beneficiaries include Nvidia (NVDA) and AMD (AMD), as Amazon has partnerships with both semiconductor companies for using their chips for its cloud computing and AI needs. Nvidia and AMD shares rose more than 2% apiece in premarket trading on Friday.