In brief
On Oct. 30, New York saw a sharp sell‑off as technology firms posted disappointing results, sending the Nasdaq Composite down over 2%. Intel stock plunged nearly 30%, while Amazon and Alphabet also suffered significant losses, reigniting worries about the costs of the AI boom.
In New York on Oct. 30, U.S. stocks fell sharply in early trade as disappointing earnings from major tech companies dampened investor sentiment, according to Xinhua.
The tech-heavy Nasdaq Composite dropped more than 2 percent, as Xinhua reported, reflecting mounting pressure on technology stocks amid concerns over the costs and prospects of the artificial intelligence investment boom.
Intel shares plunged nearly 30 percent after the chipmaker reported disappointing results and issued a weaker‑than‑expected outlook, Xinhua noted.
Amazon fell 4.4 percent on Thursday, while Alphabet shares had tumbled more than 12 percent later that day, both following weaker‑than‑expected revenue growth, the Xinhua article added.
Coverage by Investors.com, however, indicated that Amazon had fallen more than 6 percent overnight on Friday as its earnings miss fed into the broader tech sell‑off.
Investors.com also reported that Nasdaq futures plunged 2 percent on the day, echoing the collapse seen in the spot index.
These moves highlight investors’ growing unease about the pace and scale of AI spending, a theme echoed by analysts citing the sharp declines in earnings and guidance by the likes of Intel.
