New Delhi, Aug. 25 -- Amazon intends to spend roughly $200 billion on artificial-intelligence infrastructure this year. That is more than any company has ever spent on anything in a single year, it is a meaningful fraction of the roughly $700 billion the largest hyperscalers are expected to commit between them, and it has not stopped Amazon being the least damaged large technology stock in the American market.

Apple 9.5 per cent, Microsoft 11.9, Alphabet 14.7, Meta 29.1.

The market is not punishing the biggest spender. It is punishing the spenders whose returns it cannot see, and Amazon has an unusually direct answer to that question.

AMZN Stock Today: The Shallowest Drawdown of the Group

What the Spending Is Buying

AWS revenue reach...