Amazon plans to spend about $200 billion this year, mostly on artificial intelligence infrastructure, a forecast that sent its share price down as much as 10% in extended hours trading on Thursday.

The Seattle-based tech giant disclosed its plans to boost capital expenditures in an earnings report Thursday, which also showed mixed results for the company’s finances over the fourth quarter of 2025. Amazon pulled in $213.4 billion in revenue for the final three months of the year, beating Wall Street’s expectations. But the company also missed estimates on earnings per share.

Amazon’s projected spending spree for 2026 will be a nearly 60% boost from 2025, when capital expenditures reached $125 billion, according to estimates.

Amazon said it’s pouring even more resources into its AI infrastructure to meet growing customer demand.

“With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital,” Amazon CEO Andy Jassy said in a news release Thursday.

Wall Street’s chilly reaction to Amazon’s planned investments mirrors last week when Microsoft reported its quarterly earnings. Capital expenditures are still growing for the Redmond-based tech giant, even after a record year in 2025 and investors are getting nervous about the timeline for the return on that spending.

Microsoft’s stock price fell as much as 11% on Jan. 28, the day after it reported its financial results.

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