美股IPO·2026-02-13 03:27Core Viewpoint - Amazon has officially entered a technical bear market after its stock price dropped 21.4% from recent highs, while Microsoft became the first member of the Mag7 to enter a bear market. Investor confidence in the return on investment from AI spending by these companies is low, with Amazon planning capital expenditures of up to $200 billion by 2026 [1][3]. Group 1: Amazon and Microsoft Performance - Amazon's stock closed at $199.60 after eight consecutive days of decline, marking its entry into a technical bear market as the second company in the Mag7 to do so [3]. - Microsoft’s stock price fell 25.9% from recent highs after its Azure cloud business growth failed to meet investor expectations, leading to its entry into a bear market on January 29 [3]. Group 2: AI Spending and Investor Sentiment - The total projected capital expenditure for AI by Amazon, Microsoft, Meta, and Alphabet is expected to reach $650 billion by 2026, with Amazon having the highest planned expenditure [3]. - Meta's stock is close to entering a bear market, just 2.3% away from the threshold, despite exceeding Wall Street expectations for Q4 revenue and earnings, as increased AI spending and profit margin pressures have affected investor confidence [3]. Group 3: Market Dynamics and Cash Flow Concerns - There is a noticeable rotation among Mag7 members, with investors moving away from Microsoft, Nvidia, and Oracle-related OpenAI trades towards Alphabet and Broadcom ecosystems [5]. - Alphabet's vertically integrated technology stack has somewhat mitigated concerns over excessive spending, allowing it to avoid the worst impacts of the tech stock sell-off, with its stock down 9.2% from recent highs [5]. - Increased capital expenditure levels for Amazon may lead to negative free cash flow this year, prompting the company to seek additional capital through debt markets [5].