Amazon snaps 9-day losing streak during which it lost more than $450 billion in value

Amazon shares closed up more than 1% on Tuesday, snapping a nine-day slide that shaved billions off of its market cap.

The stock shed roughly 18% of its value between Feb. 2 and Friday, marking the worst losing streak since 2006 and axing more than $450 billion in market valuation as investors question the merits of its artificial intelligence spending plans.

The selling frenzy around Amazon is tied to the company’s fourth-quarter earnings report released earlier this month.

Amazon said it expects to spend $200 billion in capital expenditures this year, a nearly 60% increase from last year and more than $50 billion above Wall Street’s forecast. Most of the spending is expected to go to AI-related initiatives, which require more infrastructure such as data centers, chips and networking equipment.

Investors have…