New York, February 9, 2026, 08:08 (EST) — Premarket
- Amazon shares held steady in premarket hours, following a steep decline on Friday.
- Amazon’s intention to ramp up capital spending to roughly $200 billion in 2026 remains on investors’ minds.
- U.S. jobs data and inflation numbers due this week are set to challenge tech stocks that are sensitive to interest rates.
Amazon.com Inc (AMZN.O) hovered at $210.31 before the bell Monday, little changed after shedding 5.6% to finish at $210.32 on Friday. 1
Amazon’s recent slide has shoved its spending ambitions to the forefront for investors. Management put a rough $200 billion figure on 2026 capital expenditures—think data centers, equipment, that kind of outlay. Trailing 12-month free cash flow? Down to $11.2 billion, with that drop blamed on heavier property and equipment buys, most of it tied to artificial intelligence. 2
Here’s why it matters today: markets are shifting, looking at AI buildouts less as pure growth stories, more as cash-flow plays. As companies keep ramping up spending, investors are pressing for evidence—higher bills need to translate into margin, not just topline gains.
Amazon on Thursday put out that eye-popping $200 billion capital spending estimate for 2026 and reported AWS revenue up at $35.6 billion for the December quarter. The stock tumbled 11.5% after hours. AWS posted 24% growth, trailing Google Cloud’s 48% and Microsoft Azure’s 39%. CEO Andy Jassy argued that hitting 24% growth on a $142 billion run-rate is “very different” from higher percentages on smaller platforms. The company projected first-quarter operating income of $16.5 billion to $21.5 billion—short of the $22.04 billion analysts wanted. D.A. Davidson’s Gil Luria summed it up: Amazon “has to invest at these levels just to stay in the race.” 3
Several analysts have drawn parallels between the current surge in spending and the dot-com boom. MoffettNathanson, for its part, noted the “magnitude of the spend is materially greater than consensus expected.” The team also cautioned that “the margin of error is shrinking” as major cloud players shift into heavier capital spending. 4
Amazon filed a Form S-3 automatic shelf registration statement on Feb. 6, opening the door to issuing debt or stock whenever it needs. According to the prospectus, the money raised could go to general corporate purposes, like capital expenditures. 5
Amazon bulls face a timing dilemma: heavy spending could hit before the rewards show up. Should AI appetite fade, or if rivals drive down cloud pricing, that jump in capex risks squeezing free cash flow and could keep shares swinging.
Looking to the next session, traders have their eyes on Wednesday’s U.S. January payrolls and Friday’s January CPI numbers. Rate expectation shifts — anything from Fed speakers — could hit megacap tech valuations. Nvidia’s earnings drop later this month and could offer another check on whether all that AI spending is actually paying off. 6
