After starting the year reasonably well, tech titan Amazon.com Inc (NASDAQ: AMZN) has been under pressure since. Its shares tumbled more than 20% into mid-February and were still roughly 18% below their 2026 high in early March. The move lower was not only sharp but also sustained, with the bulls, unusually for Amazon, barely putting up a fight.
Beneath the volatility, the business itself tells a similarly complicated story. Revenue in the February earnings report rose 14% year-over-year, beating expectations, but earnings saw a rare miss. This was made worse by a 2026 capital expenditure (CapEx) forecast of roughly $200 billion, a staggering 50% increase from the prior year.
