Luke Vargas

And I'm Luke Vargas for The Wall Street Journal.

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Investors punish Amazon for its AI spending plans and send tech stocks tumbling around the world.

Plus, President Trump debuts a government-run drug-buying site in a bid to tackle high prices.

You're going to see numbers that you're not going to believe.

And we'll go behind the off-field drama ahead of Sunday's Super Bowl.

It's Friday, February 6th.

I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.

Amazon stock is down more than 7% off hours after the company announced a nearly 60% jump in its planned AI spending, far higher than Wall Street had been expecting.

At the same time, year over year, cloud computing growth of 24% came in below Microsoft's 39% and Alphabet's 48%.

Amazon has said that growth rates don't fully capture its standing in the industry.

And CFO Brian Olsavsky tried to convince investors that AI spending would pay off.

But that hasn't satisfied investors, as AI spending concerns feed a wider downturn in European and Asian markets this morning.

Korea's tech-heavy index even halted trading at one point as stocks slumped.

That follows another sell-off in U.S.

software stocks yesterday after Anthropic released a new AI model with upgraded data analysis, coding, and product management functions.

Meanwhile, shares of Jeepmaker Stellantis are plunging today to lows not seen since the start of the pandemic.

To blame, an announced $26 billion in written-off investments after the company overestimated demand for EVs in the U.S.

Those charges exceed similar recent write-downs by Ford and GM.