Amazon Shares Drop 1.3% on AI Selloff as Apple Pay Eyes India Market
On February 26, Amazon shares declined 1.3% as the Nasdaq fell 1.18% and Nvidia slid over 5%, reflecting rising AI profit-taking. Amazon’s payments in India may face new competition when Apple Pay launches later this year with ICICI, HDFC and Axis Bank.
1. Market-Driven Stock Decline
On February 26, Amazon shares declined 1.3% as the Nasdaq fell 1.18% and Nvidia slid over 5%, reflecting investor rotation out of AI-exposed stocks and profit-taking.
2. Rising Payment Competition in India
Amazon’s payment services in India, already competing in the Unified Payments Interface ecosystem, may face new challenges when Apple Pay launches later this year with ICICI, HDFC and Axis Bank.
3. Talent Migration to Chewy
Chris Deppe, who spent 16 years in senior finance roles at Amazon leading cost optimization and strategic planning, has been appointed CFO at Chewy, underscoring demand for Amazon’s financial talent among e-commerce peers.