Amazon is the only $3 trillion tech giant that doesn't pay a dividend or do share buybacks. Microsoft, Apple, Nvidia, and Alphabet all pay them. The reason is pretty straightforward. Even though Amazon brought in $161.4 billion in operating cash flow over the last 12 months, their free cash flow is actually negative $7.6 billion. All of that money is going toward capital expenditures, mostly for AI and cloud capacity. Management expects to spend about $220 billion on capex this year alone. They aren't hoarding the cash, they just don't have any left over after building out data centers. With AWS revenue up 37% to $42.2 billion last quarter, management clearly thinks investing in AI infrastructure gets a better return than a dividend payout.