Amazon shares plunged again on Tuesday, bringing the company’s stock to the brink of its longest streak of daily losses on record—10 consecutive down sessions, matching the mark set in 1997. The nine-day slide, the worst since 2006, has erased roughly $450 billion in market value since February 2, driven by growing investor skepticism over Amazon’s aggressive artificial intelligence spending plans. The downturn follows the release of Amazon’s fourth-quarter earnings report, which included a bold capital expenditure forecast: $200 billion for 2025, a nearly 60% jump from the previous year and over $50 billion more than Wall Street had expected. The vast majority of this spending will go toward AI infrastructure, including data centers, custom chips, and networking equipment. Investors are increasingly wary of the financial toll such massive investments could take, especially as tech giants like Alphabet, Microsoft, Meta, and Amazon collectively could spend close to $700 billion on capital expenditures this year. The concern is that these outlays may reduce or even eliminate free cash flow, raising questions about long-term profitability. While Microsoft and Alphabet shares also dipped more than 1% on Tuesday, Meta’s stock edged up slightly. Both Microsoft and Alphabet are on track for their fifth straight negative trading session. Amazon CEO Andy Jassy defended the spending spree during the earnings call, expressing confidence that the investments would deliver strong returns on capital. AWS CEO Matt Garman echoed this sentiment, telling CNBC in a recent interview that the surge in capital expenditure is essential to capturing the next wave of cloud-based AI opportunities. Wedbush analysts, however, cautioned that Amazon is now in “prove it mode.” In a post-earnings note, they wrote that the company must demonstrate tangible results before regaining investor confidence. Despite the sell-off, Wedbush maintains an outperform rating on Amazon shares. Andrew Boone, managing director and research analyst at Citizens, remains bullish on AWS. He highlighted Jassy’s announcement that Amazon plans to double its data center capacity by 2027 as a key growth catalyst. “We think that’s going to lead to an acceleration in AWS revenue as more capacity comes online,” Boone said on CNBC’s “The Exchange.” The market’s reaction underscores the tension between long-term strategic bets on AI and short-term financial discipline. As Amazon pushes forward with its infrastructure buildout, the pressure is on to show that the massive spending will translate into sustained growth and profitability.