Tech sell-off deepens, sending Wall Street toward its worst day since June
Wall Street saw its worst performance since June as tech stocks plummeted following weak earnings reports from Intel and Amazon. Investors are increasingly questioning whether the massive spending on artificial intelligence infrastructure will yield sufficient returns.
Why it matters
This trend highlights a potential shift in market sentiment where investors are prioritizing short-term cash flow over long-term AI-driven growth promises.
The S&P 500 tumbled about 1.8 per cent Friday for its worst day since June. The weakness of technology stocks dragged the Nasdaq composite down a market-leading 2.9 per cent, while the Dow Jones Industrial Average dropped 1.1 per cent.
Canada's main index, the S&P/TSX composite, bounced back from its afternoon drop of 2.3 per cent to close down 1.7 per cent.
Intel's stock led the way lower and plunged 28.6 per cent for its worst drop since 1974. The chipmaker gave a forecast for profit in the final three months of this year that fell short of analysts' expectations, as CEO Lip-Bu Tan said the personal-computer industry continues to feel pressure. The drop came even though Intel reported a stronger profit for the latest quarter than analysts expected.
Also covering this story
14 other newsrooms covered this event. We read each version separately.
Google sees its worst day in 20 years, but why it may not be alone
Google value plunges by $500bn as AI fears rattle Wall Street
Stock market today: Dow, S&P 500, Nasdaq fall as Alphabet stock sell-off drags on tech, AI jitters return - Yahoo Finance
Wall Street closes sharply lower as AI cash burn fears spark tech selloff
US tech stocks see sharp falls over AI cost fears
Stock Market Today: Nasdaq Breaks Streak On Alphabet's $500B Drop; Amazon Earnings Next
Google stock has its worst day ever after earnings miss raises AI fears
Value of Google parent Alphabet plunges by $500bn as AI fears rattle Wall Street
Google stock price crashes and wipes $500 billion off company amid panic over AI
Google is set for a $400 billion stock wipeout after disappointing earnings
Google Parent Tumbles 13% As Tech Jitters Pull Down Wall Street Stocks
Stock market today: Nasdaq, Dow, S&P 500 clobbered as October closes with brutal sell-off
Google parent Alphabet’s shares plunge 12.6% as investors question returns from AI spending
Amazon, Intel shares fall after earnings amid AI spending concerns
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in