Wall Street's Nasdaq sheds $2 trillion in October rout as AI spending fears send Intel crashing nearly 30% in a day
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 suffered the steepest losses, plunging nearly 30% — its biggest one-day fall since 1974 — after forecasting quarterly revenue more than $1 billion below estimates and warning that it does not expect to generate positive cash flow at any point this year. Chipmakers broadly were dragged lower, with Advanced Micro Devices falling 11%, Broadcom dropping 5% and Nvidia losing 4%.
Amazon's free cash flow came in at negative $42.4 billion, and the company held firm on its $220 billion capital spending forecast, unsettling investors already on edge over AI-related debt.
The unease has rippled through credit markets, where investors are marking up the risk that high financing costs and slow returns will put pressure on corporate balance sheets.
The Nasdaq 100's $2 trillion monthly loss marginally tops the entire market capitalisation of SpaceX, analysts noted.
