CNBC Daily Open: Amazon one-ups its rivals on capex spending, but investors are already worried over AI valuations

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is following in the footsteps of fellow tech giant Microsoft

, and not in a good way. Shares of the e-commerce and cloud giant plunged more than 11% in extended trading after the company reported fourth-quarter earnings that missed expectations.

The bigger jolt, however, came from Amazon’s enormous capital expenditure projection — $200 billion, far above analysts’ estimates of $146.6 billion and sharply higher than the roughly $131 billion in 2025.