New York, February 6, 2026, 06:18 EST — Premarket
- Investors are pressing Big Tech to show clearer returns as AI spending climbs back into the spotlight.
- Amazon’s spending forecast is setting the mood, dragging cloud and chip-related stocks down in early trading.
- Next week’s delayed U.S. jobs and inflation reports are drawing traders’ attention for clues on rates and risk.
Amazon.com shares (AMZN.O) dropped 4.5% to $222.69 in premarket trading on Friday, marking a tough start for AI-related stocks amid growing concerns over the expenses tied to the technology’s expansion.
The story on demand isn’t shifting. What’s changing is how much the market will tolerate the cost. More investors now see AI as a margin issue as well as a growth driver, and they’re reacting quickly when budgets spike.
Tensions have been heightened by new chatter about AI-driven disruption and soaring capital expenditure plans from the top “hyperscalers,” the massive cloud operators managing worldwide data-center networks. Neil Wilson, Saxo UK’s investor strategist, noted that “Fresh AI bubble fears are surfacing” as capex commitments climb. 1
In premarket action, Microsoft (MSFT.O) dropped 4.9%, with Advanced Micro Devices (AMD.O) sliding 3.9%. Nvidia (NVDA.O) lost 1.2%, Alphabet (GOOGL.O) dipped 0.5%, and Super Micro Computer (SMCI.O) plunged 8.6%. Broadcom (AVGO.O) stood out, climbing 0.8%. The tech-heavy Invesco QQQ Trust (QQQ.O) declined 1.4%, while the SPDR S&P 500 ETF (SPY.P) fell 1.2%.
Amazon forecasted $200 billion in capital expenditure for 2026 on Thursday, a jump from $131 billion earmarked for 2025, driven by heavy investment in AI infrastructure like data centers and computing gear. Capital expenditure, or capex, refers to cash outlay on long-term assets—usually weighing on free cash flow immediately and impacting revenue down the line. “The market just dislikes the substantial amount of money that keeps getting put into capex for these growth rates,” noted Dave Wagner, portfolio manager at Aptus Capital Advisors. 2
The pushback isn’t just hitting Amazon. MoffettNathanson analysts flagged that “the magnitude of the spend is materially greater than consensus expected,” and pointed out Wall Street is now zeroing in on how fast those big investments start to pay off operationally. On the earnings call, Amazon CEO Andy Jassy highlighted AWS’s scale when discussing growth rates. AWS raked in $35.6 billion in revenue last quarter, compared to Google Cloud’s 48% surge to $17.75 billion and Microsoft Azure’s 39% jump over the same period, Reuters reported. 3
Alphabet on Wednesday projected capex of $175 billion to $185 billion for 2026, more than doubling from $91.45 billion in 2025, reflecting its push to boost AI computing power. CEO Sundar Pichai told investors the firm has been “supply-constrained” despite expanding its infrastructure, with the increased spending targeting future demand. Google Cloud revenue climbed 48% to around $17.7 billion in the quarter, according to Reuters. 4
Some players in the supply chain remain bullish. Simon Lin, chairman of Taiwan’s Wistron, a key Nvidia AI server supplier, insisted “AI is not a bubble.” He pointed to stronger AI-related orders this year and said U.S. production is set to ramp up in the first half of 2026. 5
The broader market hasn’t helped. According to a Challenger, Gray & Christmas survey, planned U.S. layoffs soared 205% to 108,435 in January—the highest January figure since 2009. The firm noted AI was mentioned in 7% of these cuts. “Less-than-optimistic about the outlook for 2026,” said workplace expert Andy Challenger, referring to employers’ plans. 6
The Bureau of Labor Statistics announced a shift in U.S. macroeconomic data release dates. January’s employment report, delayed due to a three-day government shutdown, is now set for February 11. The January Consumer Price Index will follow on February 13. 7
However, the downside isn’t the only scenario. If cloud growth stays strong and firms demonstrate AI workloads boosting revenue and productivity quickly enough to balance out the capex costs, sentiment could shift sharply. Some of the initial sell-off might end up being more about positioning than a final judgment.
