Why This Amazon ETF Plunged Last Friday
Shares of Amazon (NASDAQ: AMZN) tumbled Friday after the company told investors it's planning to spend a staggering $200 billion this year, with its Amazon Web Services (AWS) unit being a focal point of those expenditures.
That signals the company's bullishness on artificial intelligence (AI). Investors are apprehensive about a spending plan that exceeds the market values of many companies, and those jitters explain why Amazon and exchange-traded funds (ETFs) with hefty allocations to the stock faltered on Friday.
Amazon's post-earnings slide spelled trouble for this ETF. Image source: Getty Images.
Source Fool.com
