Will Amazon's 2026 capex growth fall below 20% YoY?

Amazon's capital expenditures (capex) have historically shown a trend of aggressive investment, with growth rates often exceeding 20% year-on-year, such as the 31% increase noted in 2021. However, current economic conditions, including potential recession risks, rising interest rates (above 5% as of late 2023), and supply chain challenges may constrain their capex growth moving forward. Recent earnings reports indicate a potential shift in focus towards cost efficiencies rather than expansive growth, suggesting a decrease in capex growth rates.