Chart: A look at the S&P 500's remarkable and defiant trip a new record

Impact · against what's priced in

The S&P 500's record high is driven by a narrow group of AI leaders, but these gains are offset by rising macro headwinds already factored into valuations. While Amazon's $200 billion capex plan is explicitly noted, it serves as a confirmation of the spending pressures the market has already internalized.

AMZN+0.00

Already priced in

The price assumes

The existing $7.70 billion in free cash flow

The mentioned $200 billion in 2026 capital expenditures for AI and robotics confirms the high spending levels that the market already expects will pressure free cash flow.