继微软后，亚马逊成第二家跌入熊市的“七巨头”

Core Viewpoint - The article discusses the ongoing concerns regarding excessive AI spending by major tech companies, particularly Amazon, which has led to significant stock price declines among the "Big Seven" tech giants [3][5]. Group 1: Amazon's Financial Performance - Amazon's stock has fallen for nine consecutive trading days, marking its longest losing streak since 2006, and has entered a technical bear market with a drop of over 20% from its peak [5]. - The stock price fell to nearly $200, down approximately 23% from its historical closing price of $254 on November 3 [5]. - Amazon is projected to have a capital expenditure of $200 billion for AI by 2026, the highest among cloud service giants, contributing to concerns about it becoming the first cloud giant with negative free cash flow [6]. Group 2: Market Reactions and Analyst Opinions - Analysts express mixed views on Amazon's AI investments, with some believing that the market's pessimism is overblown and that the company is strategically investing for future growth [7]. - Deutsche Bank analyst Lee Horowitz argues that the risk of underinvestment is greater than that of overinvestment, suggesting that Amazon's capital expenditures are aimed at driving digital transformation [7]. - William Blair analyst Dylan Carden acknowledges the risks but sees the increased spending as a sign of Amazon's competitive advantage in upgrading its AWS infrastructure [7]. Group 3: Broader Market Trends - The article highlights a trend of investors withdrawing from stocks related to Microsoft, Nvidia, and Oracle due to concerns over their AI investments, while favoring companies like Google and Broadcom [9]. - Google has managed to avoid severe stock declines due to its integrated technology system, which provides a buffer against excessive spending concerns [9]. - The upcoming Nvidia earnings report on February 25 is anticipated to be a key catalyst for the AI sector, potentially indicating whether the AI boom is cooling off [10].