New York, Feb 14, 2026, 10:03 EST — Market closed
Amazon.com, Inc. (AMZN) ended Friday at $198.79, slipping 0.4%. That marks the ninth consecutive loss for the stock—an 18% plunge—making this its steepest losing streak in almost 20 years. AMZN has now officially entered a technical bear market, having dropped 20% or more from its recent peak.
This shift has real significance, given Amazon’s outsized influence in key U.S. indexes, and what started as a reaction to its earnings has now spilled into a broader argument over investor patience for large-scale spending. With U.S. stock and bond markets shuttered for Washington’s Birthday on Monday, the break extends until trading picks back up Tuesday.
Thursday’s rout in tech saw Jack Herr, lead investment analyst at GuideStone Funds, label 2026 a “prove it” year for AI outlays. Amazon, Google, Meta, and Microsoft together are on track to pour roughly $650 billion into the AI race, according to Reuters. Reuters
Amazon is dealing with fresh legal headaches in Europe. Italian tax authorities raided its Milan offices and the residences of seven managers as part of a tax-evasion probe, according to two sources familiar with the investigation who spoke to Reuters. The company blasted the move as “aggressive and wholly disproportionate,” adding that it’s in “transparent dialogue” with Italy’s tax office. Reuters
Operationally, Reuters said Europe’s Ariane 64 rocket lifted off Thursday, its maiden flight putting 32 Amazon satellites into low Earth orbit. That debut mission kicks off 18 Ariane 6 launches under contract for Amazon’s Project Kuiper constellation.
Amazon’s spending plans are coming under a tighter spotlight from analysts. Daiwa Securities slashed its price target on the stock to $280 from $300, pointing to “execution risk” related to Amazon’s massive $200 billion push into AI infrastructure. Shares ended Thursday at $199.60, down 2.2%, according to a Motley Fool writeup on Nasdaq.com. Nasdaq
Late in the week, a fresh SEC filing made the rounds. According to a Form 4, Douglas J. Herrington—Amazon’s CEO for Worldwide Amazon Stores—offloaded 1,000 shares at $208 apiece on Feb. 11. The sale came through a pre-set Rule 10b5-1 plan, which is designed to address insider-trading worries by setting transactions ahead of time.
This week, Reuters columnist Lewis Krauskopf called the AI boom a “minefield” for investors, pointing to hyperscaler spending that’s starting to drag down certain megacap stocks. Portfolio strategist Garrett Melson of Natixis sees the market moving away from a “monolithic AI trade,” with investors now picking perceived winners and losers individually. Reuters
Still, the selloff could easily spiral from here. Investors are keeping a close eye on Amazon’s ability to bankroll its AI expansion without putting long-term pressure on cash flow. The Italy probe? That’s another layer of uncertainty, and not one that’s easy to price in over a weekend.
Nvidia’s earnings report, due Feb. 25, stands as the next big test for the AI-spending story. Investors look to it for clues on where data-center demand and this buildout cycle are headed. Eyes also linger on Amazon—mired in a bear market with Microsoft. Its stock will be under scrutiny for any hint of stabilization once U.S. trading picks up next week.
