Amazon's long-term debt has nearly doubled in six months, rising from $65.6 billion at the end of December to $128.9 billion by June 30. This surge comes as CEO Andy Jassy defends the company's substantial capital expenditure, now projected to reach $220 billion for the full year, up from an earlier estimate of $200 billion, primarily driven by data center investments for AI. The company's free cash flow has turned negative, with an outflow of $7.6 billion over the trailing 12 months, and interest expenses more than doubled to $1.3 billion for the quarter. Jassy asserts that these investments will yield strong financial returns, with data centers breaking even in under three years and operating for decades.