Good morning from the Financial Times.
Today is Friday, February 6th.
And this is your FT News Briefing.
Amazon's capital expenditure plans are giving investors the jitters and then the rest of the show is all that in a bag of chips.
We'll take a look at America's snacking industry and why semiconductor chip makers had such a bad week.
I'm Mark Filipino and here's the news you need to start your day.
Investors were not happy with Amazon.
The company shares fell as much as double digits in after-hours trading yesterday.
The sell-off happened after Amazon announced plans to spend $200 billion on capital expenditure this year.
That's roughly a third more than what Wall Street was expecting,
and it comes as the tech giant increases its bet on artificial intelligence.
Amazon CEO Andy Jassy told investors the spending was justified for two reasons.
One, there's strong demand for existing services.
And two, the company has plans to expand products like its Leo satellite internet network.
But just to put it into context,
Amazon's funding commitment is way more than what its rivals like Google and Microsoft are spending.
US tech stocks have fallen for three days in a row now.
The NASDAQ composite is on track for its worst week since November.
Software stocks and chip makers have been hit particularly hard over the past few days,
so today we're going to hone in on how chip makers are faring.