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Anushka Dutta

Why Prime Day Is Lifting Amazon Stock Amid a Brutal Tech Sector Sell-Off

Amazon Prime Day AWS

Valuation concerns have culminated in a tech rout on Wall Street, led by AI and chip stocks. Sentiments in the sector have also been hurt by a deep slide in SpaceX (SPCX) following a stellar debut, as the stock is down 22.97% over the past five days.

Investors are also concerned about whether inflation stemming from U.S.-Iran war could lead to higher interest rates, likely making the sky-high surges in tech names unsustainable amid the rapid AI infrastructure buildout. The State Street Technology Select Sector SPDR ETF (XLK) has dropped 1.81% over the past five days. It also dropped 4.14% intraday on June 23.

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