> At an internal staff meeting in September, AWS CFO John Felton had a joke for Prasad Kalyanaraman, the executive overseeing much of Amazon's AI infrastructure expansion.

> "You've taken us free cash flow negative as a company, so congratulations," Felton said, according to a recording of the meeting obtained by Business Insider.

> The remark was lighthearted. But it captured a stunning reversal.

> Just two years ago, Wall Street was debating what Amazon would do with its growing cash hoard. Now, free cash flow has evaporated as Amazon embarks on its biggest bet ever, spending $220 billion this year alone to build the physical backbone for AI.

Huge $220 billion this year to build data centers. One good thing about them for AWS would be that a push to self host / manage your own AI infrastructure could likely still be a boon for AWS.