Caught myself looking at Amazon's chart again today and it's genuinely interesting what's happening here. Stock got absolutely shaved down from $260 last November to hanging around $200 now—that's a proper bear market move, more than 20% off the highs. The Q4 earnings miss didn't help, and when management mentioned $200 billion in planned capex for AI and data centers, it spooked a lot of people. But here's the thing that's been nagging at me: the actual business doesn't look broken at all. Revenue's still growing, AWS is accelerating faster than expected, margins expanding. That doesn't read like a company in trouble. It reads like the market just got tired of the AI spending narrative and wanted proof instead of promises. The valuation's actually reset pretty hard too—P/E at 28 is one of the lowest we've seen in years for a business this diversified. Wall Street analysts haven't abandoned ship either. Daiwa and New Street both reiterated Buy ratings this month with targets around $285. That's nearly 40% upside from here, which honestly wouldn't make sense if fundamentals were really deteriorating. Technically, there's something worth watching. $200 is acting as a floor right now—bulls defended it hard in mid-February. If Amazon holds above that level and starts setting higher lows, this bear market tag might be temporary. But if $200 breaks, we could see a retest of last year's lows around $170 pretty quickly. For the rest of Q1, I'd expect more volatility but probably consolidation rather than collapse. The underlying business momentum is too strong. Watch that $200 level though—it's everything for the next few weeks.