AI sell-off gives Wall Street its worst day since June as Intel plunges 28.6%

Summary

Asian trading was mixed on Friday 30 October as worries about the future of artificial intelligence grew after Alphabet's stock drop dragged on U.S. markets, The Philadelphia Inquirer and ABC News reported, and technology shares sold off for a second consecutive day as another round of disappointing earnings accelerated a rotation out of the AI trade, Bloomberg reported, Amazon slumping 7.3% after reporting greater capital spending than anticipated and Intel plunging 23% after its revenue forecast missed analysts' estimates. U.S. futures fell as Amazon, Intel and Alphabet weighed on Wall Street, the Inquirer reported, Fortune putting the drop in Nasdaq futures at 2.3% and CBS News at nearly 800 points, and The NY Times wrote that investors are growing nervous about the huge spending bills that tech giants are amassing to pay for their bets on artificial intelligence. The sell-off deepened on worries that Wall Street's frenzy around AI sent prices too high, dragging the Nasdaq composite down 3%, and Wall Street had its worst day since June, the Inquirer and the LA Times reported, Fortune writing that Intel plunged 28.6% for its worst drop since 1974 and that a 4.2% drop for Nvidia was the heaviest force pulling the S&P 500 downward.

Latest: Technology shares sold off for a second consecutive day as disappointing earnings accelerated a rotation out of the AI trade, Bloomberg reported, after Asian trading was mixed on worries about AI, according to The Philadelphia Inquirer and ABC News, and Wall Street had its worst day since June on worries that the frenzy around AI sent prices too high, the Inquirer and the LA Times reported, Fortune writing that Intel plunged 28.6% for its worst drop since 1974.

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