AWS CEO: GPU and accelerator supply mostly spoken for through 2028
Amazon Web Services CEO Matt Garman made a striking claim about demand for AWS capacity, stating on social media: "Much of our capacity is already spoken for through 2027 and into 2028, and demand still significantly outstrips supply. We're going to keep building to keep up with what customers are asking for." This statement reframes the hyperscaler capex debate, signaling that AWS has already booked infrastructure needs for the next two years, justifying the company's historic spending pace.
AWS reported Q2 2026 revenue of $42.232 billion, up 37% year-over-year—the fastest growth in 18 quarters. Operating margin reached 39.4%, while capital expenditures jumped 68.44% year-over-year to $54.208 billion. CEO Andy Jassy directly quantified the AI opportunity, stating that AWS grew 36.7% year-over-year and that both the company's AI and chips businesses "each eclipsed run rates of more than $25 billion," both growing at triple-digit rates.
Garman also highlighted a significant shift from training to inference workloads—the actual deployment and usage of models—which generates sticky, recurring demand rather than one-off training bursts. UBS estimates AWS growth will accelerate to 48% next year as Trainium scales, with potential help from OpenAI. Prediction market traders on Polymarket assign a 96.3% probability that Amazon's 2026 capex clears $190 billion. Amazon shares rallied 20.1% over the past five trading sessions.
If AWS capacity through 2028 is committed, silicon and interconnect vendors serving those data centers face equally visible order books. Marvell Technology posted Q1 FY2027 revenue of $2.418 billion, up 28% year-over-year, with data center contributing $1.833 billion or 76% of revenue. CEO Matt Murphy told investors: "We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell's revenue outlook for both fiscal 2027 and fiscal 2028." Marvell shares climbed 14.33% on August 4.
Astera Labs, which sells connectivity silicon for scale-up AI racks, reported Q1 revenue of $308.4 million, up 93.4% year-over-year, and guided Q2 to $355–$365 million. The stock is up 92.99% year-to-date.
Credo Technology closed fiscal 2026 with full-year revenue of $1.34 billion, up 205.7%, and guided Q1 FY27 to $465–$475 million. CEO Bill Brennan credited a vertically integrated approach that enables customers to accelerate cluster time-to-stability, maximize GPU utilization, and reduce data center power costs.
The critical indicator will be whether Q3 AWS bookings and capex commentary from Marvell, Astera, and Credo confirm Garman's 2028 visibility. If they do, Amazon's AI spending appears less like a leap of faith and more like a supply chain already claimed years in advance.