Andy Jassy says AWS is sold out for 2026, largely sold out for 2027, and "a good chunk" of 2028 is gone

Amazon CEO Andy Jassy said in an a16z podcast interview released Friday, Oct. 23, 2026, that Amazon Web Services' computing capacity is sold out for 2026 and largely booked through 2027, with significant commitments already reaching into 2028, days before Amazon reports third-quarter results on Oct. 29.

When the biggest cloud on earth says it's sold out for two years, that's either the strongest demand signal in tech or the most expensive waiting list ever made. It explains why every lab is signing power deals and chip contracts like they're buying concert tickets, and why memory, not just GPUs, is the next bottleneck. The skeptic's note: "sold out" on a friendly podcast six days before earnings is also great investor messaging, and reserved capacity isn't the same as revenue earned. We'll see what Oct. 29 says.

Amazon chief executive Andy Jassy spoke with Andreessen Horowitz co-founder Ben Horowitz and host Erik Torenberg on an a16z video podcast released Friday, Oct. 23, 2026. The episode is titled "Amazon CEO Andy Jassy on the Infrastructure the AI Era Needs." Those lines are the episode's.

On Amazon Web Services capacity, Jassy said, "'26 is obviously sold out. '27 is largely sold out. We always leave a certain amount for on-demand in our inference service Bedrock or EC2, but largely sold out all the big chunks. A good chunk of '28 is sold out." AWS is Amazon's cloud. Sold out, here, means the big reserved blocks of computing capacity are already committed to customers. On-demand is the slice left for customers who show up and pay as they go. Bedrock is Amazon's service for running AI models. EC2 is the service that rents you a virtual computer. That quotation is Jassy's.

He also said, "Even spending $220 billion this year, we're leaving a meaningful amount of demand on the table." Amazon has said it expects about $220 billion in 2026 capital expenditure. Capital expenditure is money spent on buildings, chips, and power, rather than on day-to-day operations. Leaving demand on the table means customers wanted capacity Amazon could not sell them. The quotation is Jassy's. The $220 billion expectation is Amazon's.

Jassy said Amazon "could invest a lot more and it wouldn't be a bad use of capital." That line is his.

He said supply constraints will persist beyond 2027, across different components. He named memory. Amazon has to trade off how much memory goes to HBM for AI accelerators versus DRAM for its core, non-AI cloud business. HBM, high-bandwidth memory, is the fast memory stacked next to an AI chip. DRAM is the ordinary memory in a regular server. An accelerator is a chip built to run AI, rather than a general-purpose processor. If more of the fast memory goes to AI chips, the ordinary cloud business gets less of the regular kind. He said both the AI business and the core cloud business are growing at rapid rates. Those lines are Jassy's.

He said AWS will not squeeze existing customers to sell scarce capacity to AI labs willing to pay almost anything. His line: "We're not gonna squeeze our customers." That quotation is his.

He also said AI inference is still about an order of magnitude, roughly ten times, too expensive for enterprises to use everywhere, and that Amazon's own chips are a big piece of bringing that cost down. Inference is the step where a trained model answers, as opposed to the training that builds the model. An enterprise is a large company. Those lines are Jassy's.

Amazon reports third-quarter results on Oct. 29, 2026. That date is the company's.

The picture is a headshot of Amazon CEO Andy Jassy, in a navy blazer and a light blue shirt. The photographer is Lisi Wolf.

In plain terms, Jassy said on Friday that AWS computing capacity is sold out for 2026, largely booked through 2027, and that a good chunk of 2028 is already committed, even with about $220 billion of capital spending this year. He said memory, not only AI chips, stays tight past 2027, and that Amazon will not bump existing customers to free capacity for AI labs. Amazon reports earnings on Oct. 29.