Wall Street first gasped, then smashed the sell button when Amazon (AMZN +1.60%) reported its fourth-quarter 2025 earnings in early February. The stock price fell 11%, a staggering one-day move for a multitrillion-dollar stock, and adds to its struggles since its high late last year.

What sent the stock reeling? Amazon announced plans to spend $200 billion on its business this year, primarily on data centers and AI.

Of course, $200 billion is a lot of money. Amazon is becoming increasingly capital-intensive, which helps explain the stock’s decline. Shares are down almost 20% from their high. Such steep drawdowns have been rare for Amazon’s stock over…