Amazon (NASDAQ:AMZN), as owner of Amazon Web Services (AWS), has become one of the principal players in the AI story. AWS is the world's No. 1 cloud service provider, offering customers a wide range of AI products and services, from chips to large language models. And the non-AI portfolio is also going strong, meaning both the core and AI businesses are pushing revenue to record levels. In the third quarter, AWS' annual revenue run rate reached $184 billion. This is as its quarterly revenue soared 39% to $46 billion, for the highest growth in almost five years. Amazon as a whole benefited, with total revenue and operating income climbing. But one dark cloud is perturbing the blue skies. And that's the idea of spending. In order to address today's demand and prepare for future demand, Amazon must make significant investments. It's been doing this, to the tune of $220 billion in capital spending that's forecast for the full year. This has put pressure on free cash flow, and the tech giant says this headwind will continue until it is able to monetize new data centers.
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