Nasdaq Falls Sharply as Alphabet, Amazon and Intel Earnings Fuel AI Spending Worries

The Nasdaq fell about 2% to 3% on Friday as disappointing earnings from Alphabet, Amazon and Intel deepened investor worries about AI spending. Nasdaq futures had dropped nearly 800 points, or 2.7%, before the open. Intel shares fell as much as 30% after it forecast weak fourth-quarter revenue; finance chief David Zinsner said the PC slowdown should last through the first half of next year. Alphabet had fallen more than 12% Thursday, its worst day since its 2004 listing, after saying AI summaries were hurting search advertising. Amazon's revenue of $201.9 billion and net income of $20.7 billion missed estimates, and it kept a $220 billion 2026 capital spending forecast. Investors also worry about data center debt.

Left-leaning outlets frame it as a market-wide rout. CBS News leads with the futures plunge, Intel's premarket drop and Alphabet's worst day, quotes analyst Adam Crisafulli calling it one of the worst tech earnings seasons in memory, and adds debt concerns and UBS's advice to diversify beyond AI. NBC News runs a brief TODAY segment pairing the tech slump with a nearly $6 billion crypto theft it calls the biggest heist in history. The right-leaning New York Post, headlining "latest victims of AI fears," focuses on company financials: Intel's 29% drop despite a 21% revenue rise to $13.7 billion, and Amazon's negative free cash flow of $42.4 billion alongside 39% cloud growth. Both sides blame AI-spending anxiety. The left leans on analysts and debt, the right on company numbers. The Post's headline says 3% while its text says 2%. BBC adds Alphabet's $500 billion loss.