Why MAGA Is Fuming Over Bad Bunny’s Halftime Show

SPEAKER_1 (0:02)

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Luke Vargas (0:33)

Investors punish Amazon for its AI spending plans and send tech stocks tumbling around the world. Plus, President Trump debuts a government-run drug-buying site in a bid to tackle high prices.

Mehmet Oz (0:45)

So you're gonna see numbers that you're not gonna believe.

Luke Vargas (0:48)

And we'll go behind the off-field drama ahead of Sunday's Super Bowl. It's Friday, February 6th. I'm Luke Vargas for The Wall Street Journal, and here is the AM Edition of What's News, the top headlines and business stories moving your world today.

Amazon's stock is down more than 7% off-hours after the company announced a nearly 60% jump in its planned AI spending, far higher than Wall Street had been expecting. At the same time, year-over-year, cloud computing growth of 24% came in below Microsoft's 39% and Alphabet's 48%. Amazon has said that growth rates don't fully capture its standing in the industry, and CFO Brian Olsowsky tried to convince investors that AI spending would pay off.

Brian Olsowsky (1:37)

This isn't some sort of quixotic top line grab, you know. We have confidence that these investments will yield strong returns and invest in capital. We've done that with our core AWS business and I think that will very much be true here as well.

Luke Vargas (1:51)

But that hasn't satisfied investors, as AI spending concerns feed a wider downturn in European and Asian markets this morning. Korea's tech-heavy index even halted trading at one point as stocks slumped. That follows another sell-off in US software stocks yesterday after Anthropic released a new AI model with upgraded data analysis, coding and product management functions. Meanwhile, shares of Jeep maker Stellantis are plunging today to lows not seen since the start of the pandemic. To blame, it announced $26 billion in written-off investments after the company overestimated demand for EVs in the US. Those charges exceed similar recent write-downs by Ford and GM. And so much for Jobs Friday. Thanks to the latest government shutdown that ended on Tuesday, investors won't be getting a look at January's jobs report today as scheduled. Instead, the Bureau of Labor Statistics will publish the data on Wednesday, shifting the release of January inflation data to next Friday instead.

According to Journal Economics reporter Matt Grossman, investors may need to come to terms with delays to official data, given that four of the last five jobs reports have been delayed in some fashion.

Matt Grossman (3:03)

In a broader sense, these numbers have started to look a lot less dependable than they used to. You know, we seem to be in a world now where occasional government shutdown is the rule rather than the exception. And it just gives investors another thing they have to keep on their minds, not just what are the reports going to say, but when are they going to come.

Luke Vargas (3:23)

Well, who better to provide insights on the job market than you, our listeners. Whether you're hiring, firing, happily or worriedly employed, looking for a promotion or a new job altogether, we'd love to hear your impressions of the labor market or help to track down an answer to a question on your mind. To weigh in, email us a voice memo to WNPOD at wsj.com and make sure to include your full name and location so we can use your comments on the show. The White House has launched its new drug-buying website, Trump Rx, in an effort to bring down health care costs for Americans. Roughly 40 drugs are available, from infertility treatments to obesity medicines such as Wegovi and ZepBound. During a press conference Thursday, Dr. Mehmet Oz touted how prices on the site are generally lower than the sticker price.

Mehmet Oz (4:16)

You should not be buying drugs anymore going forward without at least checking to see if those medications are available at these discounted prices on TrumpRx.gov.

Luke Vargas (4:26)

While the site won't change much for insured Americans, it's more likely to benefit the roughly 27 million people without coverage. High-stakes talks between Iran and the US over Tehran's nuclear program have ended after just 90 minutes. The US has amassed air and naval forces near Iran, with President Trump threatening strikes on the country over the mass killing of protesters last month. That crackdown initially stifled opposition to the regime, but journal reporter Margarita Stankati says there are now signs that public anger is rising once again.