Amazon beat analyst expectations on quarterly revenue but watched its stock plunge over 10% in after-hours trading. The culprit: a staggering $200 billion capital expenditure plan for 2026, driven by aggressive investment in AI infrastructure. Investors who expected Amazon to ease off spending after years of heavy investment were caught off guard.
The earnings call revealed a company convinced that AI infrastructure investment is existential — and a market questioning whether the returns will ever materialize.
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