Amazon Announces $200B 2026 Capex Plan, Shares Slide Over 8% Premarket

This article first appeared on GuruFocus.

Amazon (NASDAQ:AMZN) startled investors after unveiling plans to spend $200B on capital expenditures in 2026, a figure that landed just one day after Alphabet (NASDAQ:GOOG) outlined expected spending of $175B to $185B for the same year. The announcement came in well above Wall Street expectations of roughly $150B. CEO Andy Jassy said demand across Amazon’s existing businesses remains strong and pointed to what he described as seminal opportunities spanning artificial intelligence, semiconductors, robotics, and low earth orbit satellites. While management attempted to temper concerns by saying the company anticipates strong long-term return on invested capital, the scale of the spending plan appeared to pressure sentiment, with shares falling more than 8% in premarket trading on Friday.

Attention quickly shifted to where that capital could flow. One potential beneficiary is Marvell Technology (NASDAQ:MRVL), which manufactures Amazon’s Trainium processors. On the earnings call, Jassy was asked about Project Rainier for Anthropic and the deployment of 500,000 Trainium chips, and he said that figure is going to continue to increase. Investors appeared to take note, with Marvell shares rising about 3% in premarket trading on Friday, possibly reflecting expectations of sustained demand tied to Amazon’s expanding infrastructure footprint.

Other partners could also see incremental upside. AT&T (NYSE:T) recently announced a collaboration under which it plans to use Amazon Leo’s satellite internet services to extend connectivity to customers in U.S. dead zones, while Amazon Web Services data centers are expected to be connected with high-capacity fiber. Nvidia (NASDAQ:NVDA) and AMD (NASDAQ:AMD), which already supply chips for Amazon’s cloud computing and AI workloads, were also in focus, with both stocks up more than 2% apiece in premarket trading on Friday. Taken together, Amazon’s aggressive 2026 spending plan could introduce near-term volatility for its own shares, while possibly reinforcing a broader investment cycle across the technology ecosystem.