Big Tech Loses Billions as AI Spending Fears Weigh on Valuations

February 16, 2026 - Major technology stocks have shed billions in market value this year amid investor concerns that aggressive AI spending may not yield adequate returns to justify current valuations. Microsoft (MSFT) shares have declined about 17% year-to-date, erasing roughly $613 billion in market value, leaving the company valued at about $2.98 trillion as of Friday. Amazon (AMZN) has fallen around 13.85%, wiping $343 billion off its value to roughly $2.13 trillion. Earlier this month, Amazon projected capital spending to rise more than 50% in 2026. NVIDIA (NVDA), Apple (AAPL), and Alphabet (GOOGL) have also seen declines of $89.67 billion, $256.44 billion, and $87.96 billion, respectively, to $4.44 trillion, $3.76 trillion, and $3.7 trillion. The pullback reflects a shift from rewarding long-term AI ambitions to demanding near-term earnings visibility. By contrast, TSMC, Samsung Electronics, and Walmart have added $293.89 billion, $272.88 billion, and $179.17 billion, respectively, lifting their valuations to $1.58 trillion, $817 billion, and $1.07 trillion.