New York, Feb 6, 2026, 13:46 EST — Regular session
AI chip stocks bounced back Friday afternoon, led by Nvidia’s 7.3% jump and Advanced Micro Devices climbing 7.7%. Amazon, however, dropped 7.0%. Broadcom rose 7.3%, Super Micro Computer surged 10.1%, and Arm Holdings gained 9.8%, while Alphabet edged down 2.0%.
Amazon’s shares slid after the company revealed plans for a massive $200 billion capital expenditure in 2026 — money earmarked for data centers and equipment. This hefty figure reignited skepticism about how quickly AI investments will translate into profits. MoffettNathanson noted the spend “is materially greater than consensus expected.” Amazon CEO Andy Jassy, on the post-earnings call, pushed back, highlighting Amazon Web Services’ growth from a larger base compared to its peers. 1
The spending surge is wider, and sentiment is turning. Carlota Estragues Lopez, equity strategist at St. James’s Place, noted that big tech’s $600 billion AI infrastructure investment is now “being interpreted far more cautiously.” Investors are also grappling with the possibility that new AI tools could disrupt segments of the software industry. 2
Semiconductor stocks carried the day, lifting the Philadelphia SE Semiconductor Index — a key barometer for chip shares — by roughly 4.6%, Reuters reported. “We’re going to continue to see these ebbs and flows,” said Ben Falcone, managing director at Kayne Anderson Rudnick, noting the factors behind the recent swings aren’t disappearing anytime soon. 3
AMD bounced back two days after unsettling investors with a weaker near-term outlook. The company projected first-quarter revenue around $9.8 billion, plus or minus $300 million. Bernstein analyst Stacy Rasgon noted the near-term AI momentum “are not really inflecting” without a $390 million boost tied to AI chip sales heading to China under a U.S. license. CEO Lisa Su said demand for next-gen AI servers, including shipments to OpenAI, is expected to pick up in the second half. 4
Arm swung back into the spotlight after its quarterly report revealed a licensing revenue miss — those upfront fees for using its chip designs — but came with a stronger outlook. Summit Insights analyst Kinngai Chan flagged the licensing shortfall as a red flag for future royalties. Still, CEO Rene Haas highlighted that AI agents should keep driving Arm’s growth, calling demand “beyond no end in sight.” The company also penciled in an event for March 24, though details remain under wraps. 5
Looking past today’s numbers, the Semiconductor Industry Association projects global chip sales will reach $1 trillion in 2026, up from $791.7 billion in 2025, driven by AI-related data-center expansions. “My orders are completely full,” SIA CEO John Neuffer told Reuters. 6
Fund flows this week reveal ongoing caution. Investors withdrew $2.34 billion from technology sector funds in the week ending Feb. 4, according to LSEG Lipper data. The selloff came amid worries that Anthropic’s Claude, a new legal plug-in, might shake up parts of the software industry. 7
Next up is a familiar challenge: can hyperscaler capex translate into clear supplier revenue without wrecking margins, and just how long will investors keep backing the buildout? Nvidia plans to report fourth-quarter and fiscal-year 2026 results on Feb. 25, with a conference call scheduled for 5 p.m. ET, the company announced. 8
