AI Capital Surge Presses Tech & Data Services Shares Lower, AMZN Plunge as Cloud Spending Soars

Global technology and data services shares fell on Friday, February 6, 2026, as investors deepen concerns over the capital intensity of next-generation AI and the business models of software, data, and analytics firms. More than $600 billion in AI-related capital expenditures by major tech companies this year have amplified selling pressure, dragging broader indices and specific stocks. This week’s selling reflected heightened sensitivity to aggressive AI spending even with strong operating fundamentals. Amazon (AMZN-US) saw its price drop 8% in pre-market trading after exceeding expectations for capital outlays, signaling near-term headwind for its stock despite solid cloud revenue. European and UK peers also suffered: Capgemini (-3%), Wolters Kluwer (-4%), RELX (-5%), Sage (-4%), and Experian (-2%); the London Stock Exchange Group fell 7% for a second consecutive week. Globally, markets posted a 1.6% loss for the week, the weakest since late November 2025, with the S&P 500 down about 2% and roughly $1 trillion in software and data services market capitalization erased since January 28. India’s tech sector was hardest hit, with the IT index down nearly 7% and the software exporter index down 2% as investors remain cautious about AI-driven shifts in the outsourcing and software services industry.