9连跌，亚马逊跌入熊市！

Core Viewpoint - Amazon's stock has experienced a nine-day consecutive decline, marking the longest losing streak in nearly 20 years [2]. Group 1: Stock Performance - Amazon's stock price fell to $198.79, down over 23% from recent highs, officially entering a bear market on Thursday [5]. - Following Amazon, Meta is at risk of becoming the next member of the Mag7 to enter a bear market, having dropped 19.6% from its peak, just 0.4% away from the 20% threshold [7]. - Microsoft was the first Mag7 member to enter a bear market, with its stock down 27.8% from recent highs [7]. Group 2: AI Spending Concerns - Investors have shown strong resistance to the aggressive AI spending plans of tech giants, leading to significant declines in these stocks [4]. - Amazon plans to have the highest capital expenditure among the four major cloud service providers, reaching $200 billion by 2026 [6]. - The total expected capital expenditure in AI for Amazon, Microsoft, Meta, and Alphabet by 2026 is projected to be $650 billion [7]. Group 3: Market Dynamics - There is a noticeable rotation among Mag7 members, highlighting increasing divergence among them [9]. - Since last fall, investors have shifted away from OpenAI-related trades associated with Microsoft, Nvidia, and Oracle, favoring Alphabet and Broadcom instead [10]. - Alphabet's vertically integrated tech stack has somewhat mitigated concerns over excessive spending, allowing it to avoid the worst impacts of the tech stock sell-off [10][11]. Group 4: Financial Implications - Increased capital expenditure for Amazon may lead to negative free cash flow this year, necessitating the company to enter the debt market for additional capital [13]. - The next significant catalyst for AI trades is expected to be Nvidia's earnings report on February 25, which will indicate whether the AI boom is cooling or if Nvidia has successfully captured substantial investments from its largest clients [14].