US tech stocks suffer their worst day since June as AI spending fears wipe $2 trillion off the Nasdaq in October
A two-week Alphabet share-price chart, sourced from Yahoo Finance, showing the plunge that wiped $500 billion from the company's value after profit collapsed 25% to $26.2 billion.
Intel crashed nearly 30% on Friday — its worst single-day collapse since 1974 — after its finance chief warned the chipmaker would spend more cash than it earns this year and forecast weaker fourth-quarter revenue, triggering a broader semiconductor rout.
Advanced Micro Devices fell 11%, Broadcom dropped 5% and Nvidia lost 4% as the Philadelphia Semiconductor Index slid 7.2%.
Alphabet's one-day percentage decline on Thursday was the steepest in the company's history after AI summaries eroded its core search advertising revenue; Amazon shed 6% on missed expectations and a free cash outflow of $42.4 billion.
