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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 bit 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 Olsowski tried to convince investors that AI spending would pay off.

This isn't some sort of quixotic top line grab.

You know, we have confidence that these investments will yield strong returns

and invest in capital. We've done that with our core AWS business. And I think that will very

much be true here as well. 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.

...