NEW YORK, June 25, 2026, 14:04 EDT
- Amazon.com, Inc. NASDAQ:AMZN slipped 2.6% to $228.13 in early afternoon trade. Invesco QQQ Trust NASDAQ:QQQ added 0.6%.
- The stock drop wiped out roughly $67 billion in equity value, over double Adobe Inc. NASDAQ:ADBE’s $26.3 billion forecast for U.S. Prime Day online spending.
- EU regulators moved Amazon Web Services closer to being covered by Digital Markets Act gatekeeper rules. AWS generated almost 60% of Amazon’s operating income in Q1.
Amazon.com, Inc. NASDAQ:AMZN traded lower Thursday, with the slide outpacing moves seen on Prime Day. Shares were at $228.06, down $6.21, as of 1:33 p.m. EDT. With 10.76 billion shares outstanding, that cut about $67 billion from Amazon’s equity value, according to WSJ data.
The figure was roughly 2.5 times Adobe’s $26.3 billion estimate for total U.S. online spending during the four-day Prime Day stretch. Adobe’s tally is for overall online sales at U.S. retailers, not just Amazon. That ratio is still important since the stock was trading on cloud risk and cash flow, not just one set of retail numbers.
Prime Day got off to a strong start. U.S. online shoppers spent $8.3 billion on day one, up 5.3% from last year, according to Adobe. Adobe called it the biggest e-commerce day so far in 2026. It reaffirmed its $26.3 billion forecast for the full event. Discounts were expected to hold between 10% and 24%.
Amazon shares slipped below their 200-day moving average for the first time since April, according to Investor’s Business Daily. The stock was down over 2% in midday trading.
Tape felt heavy—more than just tech sliding. Microsoft Corporation NASDAQ:MSFT dropped 4.4%. Alphabet Inc. NASDAQ:GOOGL lost 1.5%. Meta Platforms, Inc. NASDAQ:META slid 2.6%. At the same time, QQQ added 0.6%. Reuters said the Nasdaq faced pressure from concerns about hyperscaler spending. “Trees don’t grow to the sky,” Robert Conzo, CEO at the Wealth Alliance, told Reuters. Reuters
Brussels is ramping up scrutiny. EU antitrust regulators on Tuesday said Amazon Web Services and Microsoft Azure should be labeled “gatekeepers” as defined by the Digital Markets Act, triggering rules on self-preferencing, data portability and interoperability. Amazon and Microsoft will have a chance to respond to the preliminary conclusions, with a final decision expected in the next few months. Reuters
AWS keeps delivering the profits that investors care about. For the first quarter, AWS reported operating income of $14.2 billion out of Amazon’s $23.9 billion total. Amazon said its trailing 12-month free cash flow dropped to $1.2 billion from $25.9 billion a year ago, mostly because of a $59.3 billion jump in property and equipment spending for AI investment.
Margin difference is clear. AWS posted an operating margin of around 37.7% in Q1 using Amazon segment numbers, with North America at about 7.9%. CEO Andy Jassy said AWS grew 28%, calling it the “fastest growth in 15 quarters.” Amazon
Zoox rolled out a vehicle update for Amazon, but the move didn’t shake off the recent slide in shares. The Amazon robotaxi firm revealed a tweaked vehicle design Wednesday. Zoox told TechCrunch its Hayward plant can produce as many as 100 vehicles each week. Still, paid rides need a federal green light. “The changes further distinguish the Zoox experience,” design director Chris Stoffel said. TechCrunch
Q2 is the next key test. Amazon’s next earnings report is set for July 30, according to WSJ. Analysts expect Q2 EPS of $1.81.
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