Amazon’s $200 Billion CAPEX Shock: Q4 2025 earnings - 2.5.2026 (053)

On paper, Amazon just delivered a monster holiday quarter. Revenue hit a record $213.4 billion, Operating Income is up 44%, and AWS growth is accelerating faster than it has in three years. So, why did the stock cliff-dive 10% immediately after the bell?On this episode of *Earnings Unscripted*, Susie and Miro unpack the massive bill that just arrived for Amazon's AI ambitions. 📉We dig into the number that sucked the oxygen out of the earnings call: a staggering $200 billion CapEx plan for 2026. We analyze how this massive spend caused Free Cash Flow to collapse from nearly $48 billion to just $11 billion in a single quarter, leaving investors wondering if the efficiency era is over.Plus, we look at the "messy" bottom line-including over $2.4 billion in special charges from Italian tax disputes to ongoing severance-and debate whether Amazon’s aggressive bet on custom silicon is a brilliant move to escape Nvidia or a cash incinerator. Tune in for the unvarnished breakdown of a chaotic earnings day. 🔥