Nasdaq posts worst day since June as chipmakers tumble
US tech shares erased more than $1 trillion on Friday after Amazon and Intel results deepened doubt that huge artificial intelligence spending will soon deliver cash returns.
Tech shares erased more than $1 trillion on Friday as investors sold AI-linked names.
The Nasdaq Composite fell 2.86% to 25,437 — its worst day since June — while the Nasdaq 100 dropped about 3.4%.
Intel plunged about 29% after a soft outlook; Amazon ended down roughly 1%–1.4% after earnings that missed expectations.
Alphabet had already lost about $500 billion in market value on Thursday; October left the Nasdaq down 5.3% for the month.
Defensive Dow names such as Walmart and Coca-Cola rose more than 1% as money rotated away from tech.