Amazon and Nvidia executives said Thursday that the construction of artificial intelligence data centers is not slowing down, as recession fears have some investors questioning whether tech companies will pull back on some of their plans.

Some analysts think AWS is entering a "digestion phase" similar to Microsoft, pausing some data center deals amid signs of market moderation.

The number of tech giants paring back on their AI data center plans rises to two. According to banks Wells Fargo and TD Cowen, Amazon has paused negotiations on some co-location data center deals, primarily in Europe. The news comes shortly after several reports have indicated Microsoft has paused or cancelled some of its plans.