Amazon Web Services announces a $578 billion order backlog, doubling its annual volume

On October 29, 2026, Amazon Web Services (AWS) announced a record order backlog of $578 billion, more than double its previous annual level. While this news confirms the strength of the cloud sector, it also raises questions about indirect links to crypto-assets, in a context where technological infrastructures consume increasing energy and resources, sometimes financed in stablecoins. Context AWS, a subsidiary of Amazon (NASDAQ: AMZN), dominates the cloud computing market with an estimated share of over 30% of global spending in this sector. Its order backlog, which reflects signed but not yet executed contracts, is a leading indicator of future demand. In 2025, this backlog stood at $276 billion, before jumping to $496 billion at the end of June 2026. This acceleration is explained by the explosion of needs in artificial intelligence (AI), which require massive computing and storage capacities. On the crypto-asset front, Bitcoin (BTC) and Ethereum (ETH) showed sustained network activity at the time of the announcement, with high transaction fees and a congested mempool. Stablecoins such as USDC and USDT, often used to settle technological expenses, maintained their parity with the dollar. Finally, the AMZNx token, issued by Robinhood and backed by Amazon stock, remained marginal in terms of capitalization, despite a historical correlation with the price of the underlying stock. The Facts According to a statement from Amazon CEO Andy Jassy, the AWS order backlog reached $578 billion as of October 29, 2026, up $82 billion from the $496 billion figure published at the end of June 2026. This backlog represents nearly three and a half years of revenue at the current annual rate ($169 billion annualized, based on second-quarter 2026 results). Bitcoin network data, provided by CryptoBriefing, indicated at the same time: A mempool of 55,880 transactions pending, with average fees of 1.073 sat/vB (target for confirmation in three blocks). Ethereum gas fees amounting to 132.188 gwei ("safe" level), 137.198 gwei (standard), and 145.407 gwei (fast), according to CryptoScore Pro data. Regarding spending, Amazon has revised upward its capital expenditure (capex) budget for 2026, increasing it to $220 billion , compared to the initially planned $200 billion. This increase is partly explained by the rising cost of components, particularly memory, which is essential for AI-dedicated data centers. AWS's operating margin stood at 39% in the second quarter of 2026, a high level for the sector. No information was disclosed regarding the share of AWS spending funded in cryptocurrencies or stablecoins. Furthermore, CryptoScore Pro data as of October 29, 2026 (21:19 UTC) showed a decline in major assets: Bitcoin fell by 2.59% over 24 hours, Ethereum by 3.58% , while the AMZNx token lost 9.76% . The Crypto Fear & Greed Index showed a neutral level (51/100) . Understanding Key Concepts Order Backlog The order backlog, or "backlog," refers to the set of contracts signed by a company but not yet executed. It is a key indicator for sectors with long production cycles, such as cloud computing or aeronautics. For example, a backlog of $578 billion for AWS means that the company has already secured this amount in future revenue, subject to delivering the promised services. This figure allows for the anticipation of medium-term financial health, but it does not guarantee the actual realization of contracts, particularly in the event of delivery delays or changes in customer strategy. Mempool and Transaction Fees The mempool (short for "memory pool") is a queue where transactions awaiting validation on a blockchain like Bitcoin are stored. The more congested the mempool is, the more transaction fees increase, as users must outbid each other to have their transactions processed quickly. For example, fees of 1,073 sat/vB (satoshis per virtual byte) indicate high network activity, often linked to strong demand or speculative movements. These fees are expressed in satoshis, the smallest unit of Bitcoin (1 BTC = 100 million satoshis). Stablecoins and Parity Stablecoins, such as USDC or USDT, are crypto-assets designed to maintain a stable value, generally pegged to a fiat currency like the dollar. Their parity (1 USDC = 1 USD) is guaranteed by reserves of liquid assets or algorithmic mechanisms. In the technology sector, stablecoins are sometimes used to settle infrastructure expenses, as they allow for fast and low-cost transactions without the delays of traditional banking systems. For example, a chip supplier could accept payments in USDC to deliver components to a data center. Stock-backed Token (AMZNx) A token like AMZNx is a digital asset issued by a platform (in this case, Robinhood) whose value is intended to reflect that of an underlying stock (Amazon). Unlike a traditional stock, this token can be traded 24/7 on crypto markets, but it does not grant the same rights (dividends, voting in general meetings). Its market capitalization often remains low: AMZNx was worth only 3.23 million dollars as of October 29, 2026, compared to over 1.5 trillion for Amazon stock. These tokens are sometimes used to speculate on price movements outside of traditional stock market opening hours. Analysis: what is at stake The announcement of a $578 billion order backlog for AWS reveals economic mechanisms with potential repercussions for crypto-assets, although the direct impact remains indirect. This backlog, representing multi-year contracts primarily linked to artificial intelligence, suggests a structural demand for cloud infrastructure, the financing of which could, eventually, integrate stablecoins or cryptocurrencies. According to CryptoScore Pro data as of October 29, 2026, the daily transaction volume in USDC ($15.75 billion) and USDT ($61.15 billion) shows that these assets are already used for institutional flows, although nothing indicates that AWS accepts them directly. The growth of AWS could also stimulate demand for…