Amazon and Microsoft face market doubts

Shares of Amazon and Microsoft have fallen more than 20% from their late-2025 highs, reflecting a context of heightened tension on technology stocks. After several years of euphoria driven by the rise of artificial intelligence and the cloud, the markets are pausing. The Nasdaq 100 mirrors this nervousness, with a slight decline since the start of the year.

This correction nevertheless remains relative. The fundamentals of both groups remain solid: Amazon posted 634 billion euros in revenue in 2025 (+12% vs 2024), while Microsoft reached 259 billion euros (+14% vs 2024). Operational performance remains robust, even if cloud growth occasionally disappoints investors who have become more cautious and demanding.

The main source of concern relates to massive investments in artificial intelligence. The amounts committed are considerable and future profitability remains uncertain. The US tech giants intend to invest more than 650 billion dollars in 2026, mostly in artificial intelligence. For now, this looks more like an adjustment after excess than a structural reversal.