NEW YORK, February 11, 2026, 10:01 EST — Regular session
Amazon.com, Inc. (AMZN) dropped 0.7% to $205.43 in Wednesday morning action. Shares hovered near session lows after an early move just over $209.
The retreat follows a notable surge from retail investors, who piled in during the latest dip. On Friday, Amazon saw its largest one-day net retail buying since August 2024, Vanda Research told Reuters.
But those purchases haven’t put the bigger question to rest: just how much cash Amazon will need to spend before AI demand starts making a clear impact on earnings. Last week, Amazon put investors on notice with plans for roughly $200 billion in capital expenditures—money earmarked for things like data centers and chips—in 2026. That revelation sent the stock lower. “The market just dislikes the substantial amount of money that keeps getting put into capex for these growth rates,” said Dave Wagner, portfolio manager at Aptus Capital Advisors. Reuters
Reuters, referencing The Information, said Tuesday that Amazon Web Services has floated the idea of a marketplace letting publishers sell content to AI product makers. According to the report, AWS presentation slides, prepared for a publisher event, pitched the concept of a content marketplace alongside Bedrock and Quick Suite, its main AI offerings. Amazon’s spokesperson told Reuters there’s “nothing specific to share.” Reuters
Amazon flagged another push into healthcare logistics, saying its pharmacy arm will roll out same-day prescription delivery to roughly 4,500 U.S. cities and towns this year—nearly 2,000 more communities getting access. The move follows Amazon’s 2018 PillPack acquisition, an October partnership with WeightWatchers targeting delivery of prescriptions like injectable GLP-1 obesity drugs, and December’s launch of prescription kiosks at One Medical clinics.
Stocks found some footing as the SPDR S&P 500 ETF added 0.5%. QQQ, which tracks the Nasdaq, was up around 0.7%. Microsoft slipped close to 1%, and Alphabet was also down, but just slightly.
Still, the core question about Amazon’s multiple isn’t answered by the AI marketplace or pharmacy push. These ventures might need a while before they really deliver reliable revenue. If Amazon gets spending wrong — say, building out too much too soon — that’s going to hit margins before any growth materializes.
The rates backdrop has rattled big tech stocks this month, and traders aren’t losing sight of it. Friday’s U.S. January consumer price numbers hit at 8:30 a.m. ET—a drop that could jolt rate expectations again.
Next up: the Federal Reserve releases minutes from its Jan. 27-28 meeting on Feb. 18. Amazon’s situation adds another layer—investors are pushing to see if the publisher-content marketplace becomes more than just talk and presentations, and if it does, who actually calls the shots on pricing.
