2026年2月，美國股市科技板塊出現近年罕見的劇烈震盪，象徵AI熱潮進入重新定價階段。市場焦點集中在大型科技公司估值與資本支出模式是否已過度前置，導致投資人開始重新評估「人工智慧成長敘事」的可持續性。其中，Amazon股價正式跌入技術性熊市，被視為本輪科技股修正的重要轉折點，也標誌著過去兩年由 AI 概念推動的單邊上漲行情出現明顯裂縫。

在股價表現方面，亞馬遜於2026年2月12日收盤報199.60美元，較近期高點回落 21.4%，符合市場對「技術性熊市」（自高點下跌超過20%）的定義。更具象徵意義的是，公司股價截至2月13日已連續九個交易日下跌，創下自2006年7月以來最長連跌紀錄。這波拋售並非單一財報事件所致，而是投資人對公司未來現金流壓力產生結構性疑慮。市場尤其關注亞馬遜計畫於2026年投入約2,000億美元資本支出，用於資料中心、AI運算基礎設施與雲端服務擴張。雖然公司強調此舉將鞏固長期競爭優勢，但投資人擔憂高額投入可能在短期內壓縮利潤率，並延後投資回報時程。

亞馬遜並非個案。在此之前，Microsoft已因雲端業務成長低於市場預期而率先於1月29日進入熊市區間，顯示市場開始對AI帶動的雲端需求成長速度產生懷疑。作為市場核心的「科技七巨頭」（Magnificent Seven），整體市值在2026年2月初短短一週內蒸發超過1兆美元，反映資金快速撤離高估值科技股的趨勢。

其他科技龍頭同樣承受壓力。Meta Platforms、Alphabet、Apple與NVIDIA股價同步震盪，市場資金逐漸轉向估值較低、現金流穩定的價值型股票與傳統產業板塊。分析人士指出，當利率仍維持高檔環境時，投資人對「遠期成長」的容忍度下降，使得依賴長期敘事支撐估值的科技股首當其衝。

機構投資人的態度轉變亦加速市場波動。UBS發布研究報告警告，2026年市場最大的潛在風險是「AI 成長不及預期」，一旦企業無法迅速將AI投資轉化為盈利，科技巨頭的獲利可能面臨下修。同時，Goldman Sachs數據顯示，對沖基金近期建立創紀錄規模的美股空頭部位，其中資訊科技板塊成為主要做空目標，顯示機構資金已從追逐AI題材轉為防禦與避險策略。

更深層的市場焦慮來自「資本開支競賽」。亞馬遜、微軟、Meta與Alphabet四大科技公司在2026年於人工智慧領域的總投資預算預估高達6,500億美元。如此龐大的投入意味著未來數年將面臨沉重折舊成本與回報延遲風險，使部分投資人選擇提前撤出，形成市場所謂的「用腳投票」現象。

整體而言，2026年2月的科技股震盪不僅是短期價格修正，更象徵市場從「AI 想像期」進入「盈利驗證期」。投資焦點正從誰投入最多資金，轉向誰能最快將人工智慧轉化為可持續現金流。這場重新定價過程，可能意味著科技股未來的走勢將不再由單一敘事主導，而是回歸基本面與實際獲利能力的競爭。

In February 2026, U.S. technology stocks experienced one of their most severe periods of volatility in recent years, signaling that the AI-driven market boom had entered a phase of reassessment and repricing. Investors increasingly began questioning whether the valuation levels and aggressive capital-spending strategies of major technology companies had moved too far ahead of actual earnings potential. At the center of this market shift was Amazon, whose stock officially entered a technical bear market, marking a significant turning point in the broader correction of mega-cap tech stocks.

Amazon’s share price closed at $199.60 on February 12, 2026, representing a decline of 21.4% from its recent peak—meeting the standard definition of a technical bear market, which is a drop of more than 20% from a high. Symbolically, the stock had also fallen for nine consecutive trading sessions as of February 13, the company’s longest losing streak since July 2006. The selloff was not triggered by a single earnings report but rather by growing structural concerns among investors regarding future cash flow pressures. Markets reacted particularly strongly to Amazon’s projected capital expenditures of approximately $200 billion in 2026, largely allocated to AI infrastructure, data centers, and cloud expansion. While the company argues these investments will strengthen long-term competitiveness, investors worry that such heavy spending could compress profit margins and delay returns.

Amazon was not alone in facing market pressure. Earlier, Microsoft had already entered bear market territory on January 29 after its Azure cloud growth disappointed expectations, reinforcing concerns that AI-driven cloud demand might not expand as rapidly as previously forecast. Collectively, the so-called “Magnificent Seven” technology giants saw more than $1 trillion in market value erased during the first week of February 2026 alone, reflecting a rapid rotation of capital away from high-valuation technology stocks.

Other major tech leaders also came under pressure. Meta Platforms, Alphabet, Apple, and NVIDIA all experienced heightened volatility as investors increasingly shifted funds toward value stocks and traditional sectors with more stable cash flows. Analysts noted that in a higher interest-rate environment, investor tolerance for long-term growth narratives declines, leaving companies whose valuations rely heavily on future expectations particularly vulnerable.

Institutional positioning further amplified market turbulence. A research report from UBS warned that the greatest market risk in 2026 could be “AI disappointment,” meaning that if companies fail to convert massive AI investments into measurable profits quickly, earnings forecasts for technology giants may need to be revised downward. Meanwhile, data from Goldman Sachs showed hedge funds building record levels of short positions in U.S. equities, with the information technology sector becoming the primary target of selling pressure. This shift suggested institutional investors were transitioning from momentum-driven AI optimism toward defensive and hedging strategies.

At a deeper level, investor anxiety centers on what analysts describe as an escalating “capital expenditure arms race.” Amazon, Microsoft, Meta, and Alphabet alone are expected to allocate a combined $650 billion toward AI-related investments in 2026. Such enormous spending implies rising depreciation costs and delayed profitability, prompting many investors to effectively “vote with their feet” by reducing exposure ahead of uncertain returns.

Overall, the February 2026 turbulence in technology stocks represents more than a short-term correction. It marks a transition from the “AI expectation phase” to an “earnings validation phase,” in which market leadership will increasingly depend not on who invests the most in artificial intelligence, but on who can most efficiently convert AI capabilities into sustainable revenue and cash flow. This repricing process suggests that future tech stock performance may rely less on narrative momentum and more on fundamental profitability and execution.