U.S. stock futures slipped Thursday night as a sharp selloff in technology shares showed little sign of easing. The mood on Wall Street turned sour after Amazon revealed a massive spending plan for 2026, reigniting fears that big tech companies are pouring too much money into artificial intelligence without clear short-term payoffs.

Futures tied to the major indexes all pointed lower. The S&P 500 futures fell 0.5% to 6,789.25, Nasdaq 100 futures dropped 0.9% to 24,422, and Dow futures slipped 0.3% to 48,857. These declines came after a rough day for U.S. markets, where tech stocks led losses.

Amazon was the biggest after-hours loser, sliding about 11% following its quarterly earnings report. The company said it plans to spend roughly $200 billion in capital expenditures in 2026, far above last year’s level and well above analysts’ expectations of about $146 billion. Investors were startled by the size of the number.

Amazon’s profit of $1.95 per share slightly missed forecasts, and management warned that higher AI costs would weigh on results in the current quarter. At the same time, its cloud unit, Amazon Web Services, posted strong growth: revenue jumped 24% to $35.6 billion, beating expectations and showing that demand for cloud computing remains healthy.

AI spending rattles Big Tech

Despite the solid cloud results, investors focused on the spending, not the growth. Many worry that tech giants are racing to build AI data centers and buy expensive chips without knowing when — or how much — those investments will pay off.

Amazon’s guidance triggered a broader tech slide. Microsoft, Google parent Alphabet, and Meta Platforms — all of which have signaled heavy AI spending this year — fell as much as 3% in late trading. The market fears that these companies may sacrifice profits today for uncertain gains tomorrow.

Chip concerns added to the pressure. Qualcomm shares tumbled 8.5% after the company warned that a global memory chip shortage could hurt its business. Research firm Counterpoint said memory chip prices have surged as much as 90% quarter-on-quarter, raising costs for anyone building AI hardware.

What moved markets Thursday night:

• Amazon’s $200B spending plan for 2026
• Nasdaq Composite down 1.6% in regular trading
• Qualcomm down 8.5% on chip-shortage warning
• Memory chip prices up as much as 90%

Jobs data adds to nerves

Economic worries were also front and center. Fresh labor data painted a softer picture of the U.S. job market. Challenger reported that January layoffs hit their highest level since the 2009 financial crisis. Weekly jobless claims came in higher than expected, and December job openings were weaker than forecast.

Normally, slower hiring might push the Federal Reserve to cut interest rates — which often helps stocks. But investors are uncertain because President Donald Trump has nominated Kevin Warsh as the next Fed chair. Warsh is seen as less likely to favor aggressive rate cuts, a view that has already weighed on markets.

By the end of Thursday’s session, the Nasdaq and S&P 500 had fallen to their weakest levels since late November and mid-December, respectively. Technology stocks remained the main drag, caught between sky-high spending, rising chip costs, and questions about when AI will meaningfully boost profits.

For everyday readers, think of the market like a school bake sale. Tech companies are buying a lot of expensive ingredients (AI chips and data centers). Investors are worried that the cakes (profits) may not be ready in time — and that makes everyone nervous.

Bottom line:

Wall Street’s slide shows how quickly confidence can shift when big numbers meet big uncertainty. Until investors see clearer returns from AI spending — or steadier economic data — the tech sector may stay choppy.