Find XO: The Reason Amazon Increased CapEx by $20 Billion Was Memory Prices, Not Volume (datacenterknowledge.com)

- Amazon raised its capital expenditure plan for 2026 from about $200 billion to $220 billion, citing memory prices as the reason. - If the increase is due to unit cost rather than volume, then the assumption that inference gets cheaper as CapEx grows needs to be recalculated. - If next quarter's budget was planned on the premise of cheaper tokens, let's test whether it still works if the cost of models and instances used rises by 10 to 20 percent.