US stock futures fell Thursday evening, extending declines from Wall Street as technology stocks continued to slide. Amazon.com led the rout, tumbling 11% in aftermarket trading after projecting a massive capital spending figure of $200 billion for 2026, far exceeding analyst expectations of $146.11 billion. This outsized capex guidance has investors concerned about the timing of returns from increased AI-related investments.

The broader market decline was driven by persistent fears of AI disruption in the software industry and outsized spending across the tech sector. Amazon's guidance followed similar projections from other tech giants like Microsoft, Alphabet, and Meta, all of whom have forecast significant AI investments for 2026. The Nasdaq 100 futures fell 0.9%, while the S&P 500 futures dropped 0.5%, reflecting the widespread impact of these concerns.

Amazon's quarterly earnings report, which missed analyst expectations, further fueled investor anxiety. While its AWS cloud business saw a 24% revenue jump to $35.6 billion, the company's overall performance was overshadowed by the massive capex projection. This has led to a broader sell-off in tech stocks, with Qualcomm also sliding 8.5% due to warnings about a global memory chip shortage. Investors are now focusing on the potential for interest rate cuts by the Federal Reserve, as the U.S. economy faces rising layoffs and mixed jobs data.