<span>STORY: Amazon shares plunged in after-hours trade Thursday, falling around 11%.</span><span>The tumble came after it projected a surge of more than 50% in capital expenditures this year.</span><span>The e-commerce giant plans to pump $200 billion into its AI efforts in 2026, joining other tech giants in a spending spree to build out artificial-intelligence infrastructure.</span><span>That has some investors worried about returns on the investment. </span><span>Amazon Web Services’ revenue grew to $35.6 billion in the December quarter.</span><span>While that marked a rise of 24%, the pace of increase was slower than rivals like Google and the figure was overshadowed by the company’s capital spending surge.</span><span>Speaking to analysts, Chief Executive Andy Jassy said it was easier for smaller competitors to post stellar growth rates. </span><span>But the numbers will concern investors, with AWS accounting for over 60% of the firm’s operating profits. </span><span>The results are the latest sign that Big Tech will not be halting AI investments any time soon. </span><span>The top four so-called ‘hyperscalers’ – Amazon, Microsoft, Google and Meta – are expected to collectively spend more than $630 billion this year.</span><span>One analyst told Reuters that “Amazon has to invest at these levels just to stay in the race.”</span><span>But this week’s earnings suggest Wall Street has a message for tech titans: keep spending if you like, but we want to see signs that returns are coming. </span> 
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