Amazon, Intel Shares Dive After Earnings as AI Capex Fears Mount

The market's reaction is less about growth than about the cost of growth: AWS's expansion is being funded at the expense of cash generation, which reframes hyperscaler capex as a balance-sheet question rather than a demand signal. Intel's guidance is the sharper warning, since a margin reset points to competitive pressure rather than a timing issue. Both matter for the wider AI infrastructure trade, where suppliers and data-center names are priced off the same spending assumptions. Whether cash flow recovers at Amazon and whether Intel's margin guidance holds are the open questions.