亚马逊股价跌入技术性熊市，市场担忧其激进资本支出计划

Group 1 - Amazon's stock price has been declining due to concerns over its aggressive capital expenditure plans and overall weak sentiment in the tech sector [1][4] - The company announced a capital expenditure plan of $200 billion for 2026, a more than 50% increase from $131 billion in 2025, significantly exceeding Wall Street expectations [2] - This substantial spending is primarily directed towards AI infrastructure, self-developed chips, and low Earth orbit satellite projects, raising worries about short-term profit pressure and a significant drop in free cash flow from $38.2 billion to $11.2 billion, a decline of 70.7% [2] Group 2 - The tech sector in the U.S. has experienced a general pullback, with the Nasdaq index dropping over 2% in early February, as investors reassess the risks associated with high valuations in tech stocks [3] - Concerns about the return cycle of massive investments in AI have emerged, with Amazon, Microsoft, Meta, and Alphabet expected to collectively spend over $630 billion on AI-related capital expenditures by 2026 [3] - Despite strong performance in 2025, Amazon's stock price fell to $199.60 as of February 12, 2026, a 21.4% decline from recent highs, entering a technical bear market with a year-to-date drop of 13.53% [4]