Big tech stocks were mixed on Monday, capping a miserable week with more than $1 trillion wiped out Judging from their market capitalization.

Oracle up 9% and Microsoft It rose slightly by about 2%. NVIDIA The increase is about 3%. Yuan basically the same, while letter The loss is about 1%. Amazon Shares fell about 2%.

Markets grew nervous as spending prospects for big tech companies continued to soar last week as they ramped up their bets on artificial intelligence.

Amazon, Alphabet, Microsoft and Meta reported total capital expenditures of approximately $120 billion in the fourth quarter alone. picture Probably closer to $700 billion By 2026, it will be higher than the GDP of countries such as the United Arab Emirates, Singapore and Israel.

Jim Reed, head of global macro research at Deutsche Bank, wrote in a report on Monday that last week was the worst week for Magnificent 7 stocks since April, when U.S. tariffs sent the market into crisis and the stock fell 4.66%.

Reed said there were signs of recovery at the market’s close last week, with Magnificent 7 stock up 0.45% on Friday, although Amazon fell 5.55%.

BofA Securities research analyst Justin Post said in a note on Monday that cloud companies are seeing growing margins amid macro headwinds, along with “potential stock volatility.”

“But the management team appears confident in its ability to forecast demand and that capacity will be fully utilized through 2026,” he added.

David Lefkowitz, chief information officer for U.S. equities at UBS Financial Services, said on Friday that the market reacted negatively to Amazon and Alphabet’s capital spending guidance being “well above” consensus expectations, adding that it “hides stronger-than-expected cloud growth” from both companies.

Nvidia CEO Jensen Huang said on CNBC’s “Halftime Report” on Friday that the technology industry’s surge in capital spending on artificial intelligence infrastructure is justified given the “sky-high” demand for computing power.

Analysts predict there is room for growth in hyperscale capital spending.

“With exponential growth in tokens processed per month, accelerating total cloud revenue from GCP/AWS/Azure, expansion of data center commitments, and data center component vendors highlighting accelerating demand, we believe hyperscale capex estimates will continue to face upward pressure,” Morgan Stanley said in a note Monday morning.