Amazon signaled the scale of the ongoing spending spree on Wednesday, securing a $17.5 billion credit facility earmarked specifically for data-center expansion. Despite the move, market sentiment remains soured by the mounting costs. The SPDR Select Sector Technology ETF dropped 2.3% as analysts began to weigh the potential for diminishing returns on these infrastructure-heavy bets.

Corporate earnings reports further exacerbated the downturn. Oracle shares tumbled in late trading after the company’s cloud growth failed to soothe investor anxieties over stagnant software sales and excessive data-center overhead. Meanwhile, brokerage firm Wedbush warned that a potential SpaceX IPO could drain further capital from the semiconductor and broader tech trade, creating a liquidity vacuum for existing players.

Distress in the sector is not limited to mega-caps. CDK Global, backed by Brookfield, is currently negotiating with creditors to restructure $5.5 billion in debt, highlighting the fragility of software firms struggling under high-interest burdens. The shift reflects a growing impatience with long-term AI promises that have yet to materialize into consistent, bottom-line profitability.