Tech stocks wipe out $1 trillion on AI spending fears
Friday’s sell-off was the Nasdaq’s worst session since June, with Intel down nearly 29% and chip peers sliding as investors demanded clearer returns on AI build-outs.
Tech shares erased more than $1 trillion in value on Friday as investors rotated out of artificial intelligence-linked names.
The Nasdaq Composite fell 2.86% to 25,437.00, its worst day since June; the Nasdaq 100 dropped 3.4%.
Intel plunged about 29% after a weak fourth-quarter outlook; AMD, SanDisk and other chipmakers also fell sharply.
Amazon and Alphabet posted negative free cash flow alongside heavy AI capital spending plans.
October ended with the Nasdaq down 5.3% for the month, its steepest monthly drop since March 2025.