Amazon, Microsoft, NVIDIA, Meta, Alphabet, Oracle Cut AI Capex as $1T+ Mkt Value Eaten in One Week

Tech giants'财报 following this week saw combined market value erode over $1 billion as investors reassess artificial intelligence (AI) spending. Amazon (AMZN-US), Microsoft (MSFT-US), NVIDIA (NVDA-US), Meta (META-US), Alphabet (GOOGL-US), and Oracle (ORCL-US) accounted for the bulk of the decline, with Amazon leading after宣布 a 2026 capital expenditure of $200 billion, far exceeding analyst expectations, and falling over 5% on Friday. Amazon’s shares dropped 12% this week, the worst one-week performance since 2022, with about $3 trillion in market value erased. Together, Amazon, Alphabet, Microsoft, and Meta spent about $120 billion on capital expenditures in Q4 2025. FT reporting, total spending by these four companies through 2026 is expected to exceed $6.6 trillion, surpassing the GDP of Singapore, the UAE, and Israel. Paul Markham of GAM Investments said concerns over capital spending for large language models and the potential overexpansion of capacity remain acute. The shift in investor sentiment, from fearing they would be left behind to scrutinizing every aspect of the AI race, is evident. D.A. Davidson downgraded Amazon to neutral, citing expanded capex plans, waning cloud-market share advantages, and uncertainty around AI in retail. Competition from Gemini and ChatGPT is intensifying, while Apple (AAPL-US) outperformed with a 7% rise this week on stronger-than-expected iPhone demand, despite a generally polarizing impact of AI investments on the “Magnificent Seven” as noted by Morningstar’s Michael Field.