/Amazon%20box%20delivery%20by%20Tumisu%20via%20Pixabay.jpg)
The Magnificent 7 stocks, which have collectively led the markets for the last few years, had a rough first three quarters. Only Apple (AAPL) and Nvidia (NVDA) outperformed the Nasdaq 100 ($IUXX) over the period and were the best-performing Mag 7 shares, in that order.
With a loss of over 21%, Tesla (TSLA) is stuck at the bottom while the remaining four are up in single digits, underperforming the broad-based S&P 500 Index ($SPX). Specifically, Amazon (AMZN) gained nearly 8% in the first nine months of the year. It is, however, down 13% from the 2026 highs it hit in early August following its Q2 2026 earnings release. Let's take a look at AMZN’s Q4 forecast following a sombre performance in the first nine months, which, at least in part, is due to artificial intelligence (AI) agents taking a toll on its business.
