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’s stock plunged 11% in extended trading on Thursday, dragged lower by market jitters around the company’s $200 billion capex plans, the highest spending forecast among the megacap companies.
The forecast is a sharp increase from Amazon’s capital expenditures last year, and it was more than $50 billion above analysts’ expectations. The company reported spending roughly $131 billion on purchases of property and equipment in 2025, up from about $83 billion in the year prior.
Tech companies have laid out aggressive spending plans on artificial intelligence infrastructure since OpenAI ushered in the modern era of this technology with the release of ChatGPT in late 2022, but at the start of 2026, those lavish commitments have only kept growing.
Google parent Alphabet
