$\begin{array}{l}{\text { 1.3 Theorem Let } \lambda \text { be an infinite cardinal, let } \kappa_{\alpha}(\alpha<\lambda) \text { be nonzero cardinal}} \\ {\text {numbers, and let } \kappa=\sup \left\{\kappa_{\alpha} | \alpha<\lambda\right\} . \text { Then }}\end{array}$
$\sum_{\alpha<\lambda} \kappa_{\alpha}=\lambda \cdot \kappa=\lambda \cdot \sup \left\{\kappa_{\alpha} | \alpha<\lambda\right\}$
This is a theorem from Hrbacek + Jech. I know that there is an analogue to this theorem for infinite cardinal products, but it's not in this book.
I've been looking elsewhere and surprisingly, most online sources on cardinal arithmetic don't even mention infinite cardinal products at all.
If anyone could provide a statement to the analogue for infinite products, that would be greatly appreciated.
An analogue for products is given in Jech's Set Theory 3rd edition, Lemma 5.9:
Note that the nondecreasing requirement makes this consistent with the counterexample given by Alex Kruckman.
As you mention, it is clear that the RHS is an upper bound. For the other direction, we can partition $\lambda$ into $\lambda$-many subsets that are cofinal in $\lambda.$ Write $\lambda = \bigcup_{j<\lambda}A_j.$ Then we have $$ \prod_{i<\lambda}\kappa_i = \prod_{j<\lambda}\prod_{i\in A_j}\kappa_i.$$ Since the $A_j$ are cofinal, $$ \prod_{i\in A_j}\kappa_i \ge \sup_{i\in A_j}\kappa_i =\sup_{i<\lambda}\kappa_i,$$ so $$ \prod_{i<\lambda}\kappa_i \ge \prod_{j<\lambda}\sup_{i<\lambda} \kappa_i = (\sup_{i<\lambda}\kappa_i)^\lambda$$