New York, February 9, 2026, 16:06 (EST) — After-hours
- Amazon shares slipped toward the session’s end, with investors zeroed in on the mounting expenses tied to the company’s AI expansion.
- AWS has deepened its chip partnership with STMicroelectronics, now extending to equity warrants as part of the arrangement.
- Traders are bracing for U.S. jobs and inflation numbers due later this week—figures that could jolt rate expectations and rattle big-tech valuations.
Amazon.com dropped 0.5% to $209.19 late Monday, bouncing between $203.40 and $212.77 during the session. Roughly 80.8 million shares traded as investors digested new supply-chain updates related to its cloud business, with concerns about big-tech spending in the mix.
Even with the stock barely budging, traders are actively reworking bets on the so-called “AI buildout” as it unfolds. The debate isn’t about demand anymore. Now it’s about who foots the bill up front, and when that spend actually lands as profit.
Amazon sparked the discussion late last week, laying out plans for around $200 billion in capital expenditures for 2026—quite a jump from the $131 billion it expects to spend in 2025. The outlay, covering everything from data centers to equipment, is part of a longer-term strategy, according to CEO Andy Jassy. “We expect to invest about $200 billion… and anticipate strong long-term return on invested capital,” Jassy told analysts during the earnings call. 1
STMicroelectronics on Monday announced it’s ramping up a multi-year, multi-billion-dollar deal with Amazon Web Services, agreeing to supply advanced semiconductors that AWS will use across cloud and AI data centers. Under the new terms, ST is issuing warrants—giving AWS the right to snap up as many as 24.8 million ST ordinary shares over seven years at an initial price of $28.38. Most of those shares vest based on purchase volume. CEO Jean-Marc Chery described the move as proof of ST’s tech and manufacturing strengths. 2
Amazon shareholders see the deal as just the latest sign of how sprawling things have gotten—not limited to chips and servers, but extending to supplier deals crafted to secure long-term capacity and keep incentives lined up. For AWS, the spotlight stays fixed: growth needs to remain solid to support an increasingly hefty capital load.
Tech stocks clawed back some ground Monday, snapping back after last week’s volatility. Investors appear to be betting that software names got hit too hard in the recent rout. “You’ve a sharply oversold market where a little bit of good news can go a long way,” said Keith Lerner, chief investment officer at Truist Advisory Services. Nvidia’s upcoming earnings, set for later this month, remain in focus—traders are looking to the AI chip maker for signals on data-center appetite. 3
Amazon finds itself squarely in a recurring debate: can AWS maintain its lead while Microsoft’s Azure and Alphabet’s Google Cloud ramp up their AI infrastructure and chase enterprise contracts? If prices get squeezed or demand cools, those headwinds would hit forecasts fast.
The risk here is straightforward: if spending outpaces demand, or if clients drag their feet turning pilots into production, capital expenditures start to squeeze free cash flow. That leaves the stock more exposed to rate moves, particularly now that investors are less patient with “growth later” narratives.
Looking ahead, traders are eyeing two key events: the U.S. Employment Situation report for January is slated for Wednesday, February 11, with the Consumer Price Index for January following on Friday, February 13. Both reports drop at 8:30 a.m. ET. The data will be watched closely, as it’s expected to influence Federal Reserve policy direction—and that has direct implications for the valuation floor on high-spending giants like Amazon. 4
