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

Tech stocks fell sharply on Friday, with the Nasdaq down roughly 2% to 3% as trading began, after disappointing earnings from Intel, Amazon and Alphabet deepened investor worries about artificial intelligence spending. Intel shares dropped between 26% and 30% after the company forecast fourth-quarter revenue below expectations. Finance chief David Zinsner said Intel did not expect to bring in more cash than it spent this year and that the PC slowdown would last at least through the first half of next year. Amazon also fell after reporting that AI spending was running ahead of expectations while its core online shopping growth slowed. Alphabet had slid more than 12% on Thursday, its worst day since its 2004 listing, after saying AI summaries were hurting search advertising revenue. The Nasdaq 100 was on course for a drop of more than $1 trillion Friday, and more than $2 trillion in value was set to be wiped out in October.

The New York Post, the right-leaning outlet, leads with the Nasdaq's slide toward a monthly decline and builds the story on company figures: Amazon's $201.9 billion revenue miss, negative free cash flow of $42.4 billion and $220 billion 2026 capex forecast, plus Intel's 78% jump in data center and AI revenue against a 5% fall in client computing. Its headline calls the companies "victims" of AI fears. NBC and CBS, on the left, lead with the scale of the selloff, citing the $1 trillion-plus drop and futures falling nearly 800 points, and quote analyst Adam Crisafulli and UBS's advice to diversify beyond AI. They also stress investors' skepticism and concern about debt financing data centers. All agree on the Intel plunge and AI-cost anxiety. BBC and Reuters add Alphabet's search-revenue warning and the $2 trillion October loss.