The move is a shift back into investment mode after a period of cost cutting that led to a surge in profits and helped fuel a rally that’s seen the shares more than double from a late 2022 low.
More than any of the mega-cap technology stocks, Amazon.com’s big spending ways are coming at the expense of profits, and its shares are being punished as a result.
Amazon’s stock performance has lagged its mega-cap peers since its earnings report at the beginning of August, when the e-commerce giant signaled to investors that it would be prioritising spending on artificial intelligence computing.
