Saxo Market Call Amazon blasted on spending bonfire, Crypto FODLed.
8 snips
Feb 6, 2026 Markets saw a broad US equity sell-off driven by AI-name weakness and index turmoil. Amazon's massive AI spending plans sparked fears of a cash burn and hyperscaler hardware races. Crypto plunged sharply, raising concerns about miner stress and network resilience. Sterling wobbled after a dovish central bank surprise and political pressure. Gold, silver and credit spreads showed extreme volatility.
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Hyperscalers' AI Spending Arms Race
- Amazon and other hyperscalers are launching an AI-capex arms race that will burn free cash flow.
- This spending could erode MAG7 profitability and reshape tech leadership globally.
Monitor Nasdaq Technical Thresholds Closely
- Watch NASDAQ 100 technicals: it's rolled over ~6.5% from highs and is nearing the 200-day moving average.
- Use the next ~3% downside band as the first key technical support to reassess risk exposure.
Crypto Climactic Sell-Off And Miner Risk
- Crypto suffered a sharp, broad sell-off with Bitcoin testing ~60,000 before support.
- Miners face stress near 50,000 which could pose systemic risks to the network.