Amazon.com Inc. (NASDAQ:AMZN) stock fell nearly 3% on Thursday, underperforming a broadly steady market. The Nasdaq gained 0.85%, while the S&P 500 edged up 0.02%.Amazon Plans $48 Billion India Investment Through 2030Separately, Amazon said Thursday it will invest $48 billion in India through 2030, including an additional $13 billion to expand AI and cloud infrastructure after CEO Andy Jassy met Indian Prime Minister Narendra Modi in New Delhi. The investment raises Amazon’s planned AI and cloud spending in India to more than $21 billion between 2026 and 2030 and increases its cumulative India investment to more than $88 billion since 2010. The company also plans to open more than 20 fulfillment centers and over 100 last-mile delivery stations this year, while launching the Sammaan welfare program for delivery associates. Amazon said it aims to support 3.8 million jobs, enable $80 billion in cumulative e-commerce exports and bring AI benefits to 15 million small businesses by 2030.Technical Picture Remains WeakAmazon continues to trade below key moving averages, signaling that the recent pullback remains intact. The stock sits 7.2% below its 20-day simple moving average of $246.16 and 11% below its 50-day average of $256.47. However, shares are only 1.9% below the 200-day average of $232.80, an area investors are closely watching for support.Momentum indicators also remain soft. The MACD is below its signal line with a negative histogram, suggesting buying momentum has weakened.The 20-day moving average remains below the 50-day average, reflecting short-term weakness. However, the 50-day average remains above the 200-day average following a golden cross in May, indicating the longer-term trend has not yet broken.Key resistance stands near $239, while support is around $226.50.Earnings And Analyst OutlookAmazon is expected to report second-quarter results on or around July 30.Wall Street expects earnings of $1.81 per share, up from $1.68 a year earlier. Revenue is projected to reach $196.03 billion, compared with $167.70 billion in the prior-year period.The stock carries a consensus Buy rating with an average price forecast of $320.86. Recent analyst actions include: