About $2 trillion is wiped off America's tech-heavy Nasdaq in October amid AI spending fears, capped by Intel's record plunge
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 plunged almost 30% on Friday — its worst single-day drop since 1974 — after warning that PC demand was weakening and forecasting quarterly revenue more than $1 billion short of market expectations. The rout capped a month in which soaring AI infrastructure costs rattled investors across the wider tech sector, with Amazon, Alphabet and Meta all raising their spending outlooks even as tangible returns remained elusive.
Alphabet's stock posted its sharpest ever one-day percentage fall, dragged down by search advertising revenue that missed expectations and a steep rise in capital expenditure.
Amazon shed nearly 6% after reporting free cash flow of negative $42.4 billion and reaffirming its $220 billion capital expenditure forecast for 2026.
The US government, Intel's largest shareholder with a 10% stake, saw the value of its position erode by nearly $12 billion as a result of Friday's plunge alone.
