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, and has entered a technical bear market [2][3]. Group 1: Stock Performance - Amazon's stock closed at $198.79 on Friday, down over 23% from its recent peak, officially entering bear market territory on Thursday [5]. - Meta is at risk of becoming the next member of the Mag7 to enter a bear market, having dropped 19.6% from its last year's peak, just 0.4% away from the 20% bear market threshold [7]. - Microsoft was the first Mag7 member to enter a bear market, with its stock down 27.8% from its recent high as of Friday [7]. Group 2: AI Spending and Investor Sentiment - 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 and Cash Flow - There is a noticeable rotation among Mag7 members, highlighting increasing divergence within the group, as noted by Apex Fintech Solutions' VP Mike Treacy [9]. - Since last fall, investors have shifted away from OpenAI-related trades associated with Microsoft, Nvidia, and Oracle, favoring Alphabet and Broadcom instead [10]. - Treacy emphasizes that Google's self-sufficiency should command a premium compared to other companies that may be adversely affected by issues in their supply chains [11]. Group 4: Future Outlook - Amazon's increased capital expenditure 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 major clients [13].