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Wall Street's Nasdaq heads for a $2 trillion-plus October wipeout as Intel plunges 30% on AI spending fears

A Google DeepMind promotional screen introducing Gemini, the AI brand whose new Gemini 4 Carbon model Sundar Pichai unveiled just before Alphabet's earnings call as its shares tumbled over 10%.
A Google DeepMind promotional screen introducing Gemini, the AI brand whose new Gemini 4 Carbon model Sundar Pichai unveiled just before Alphabet's earnings call as its shares tumbled over 10%.
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.
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.

Wall Street's Nasdaq heads for a $2 trillion-plus October wipeout as Intel plunges 30% on AI spending fears

Alphabet's record-breaking 12% crash on Thursday — wiping roughly $500 billion from its market value in a single session — set off a second consecutive day of heavy selling on Friday, with the Nasdaq Composite falling more than 3% and analysts at Saxo cautioning of "tech carnage as October wraps up." Intel suffered the sharpest decline of the session, its stock plummeting nearly 30% after finance chief David Zinsner warned that weakness in the PC market would drag on well into the first half of 2027 and that the company anticipates no positive cash flow for the current year. Amazon slipped over 2% after falling short of Wall Street profit estimates and standing by a $220 billion capital expenditure forecast for 2026.

Five tech giants — Meta, Alphabet, Oracle, Amazon and Microsoft — have collectively committed $800.6 billion to AI spending in 2026 alone, unsettling investors who have yet to see any returns materialise.

Reddit and Roblox shares fell 30% and 20% respectively on Friday, with Reddit's chief executive warning that Google's AI summaries are hammering the platform's web traffic.

Millions of British pension and ISA holders face losses as popular global tracker funds and technology trusts are packed with US tech stocks now deep in bear-market territory.

MoreThe Independent$2 trillion wiped from tech stocks amid artificial intelligence spending fearsReutersNasdaq faces $2 trillion wipeout in October as AI spending fears deepenBBC News - TechUS tech stocks see sharp falls over AI cost concernsNY PostNasdaq plummets 2% as Amazon, Intel and Reddit become latest victims of AI fearsCity A.M.‘Tech carnage’: AI stocks plunge as investors spooked by gloomy earningsCBS NewsTech stocks crushed as Nasdaq futures tumble nearly 800 pointsNYTTech Stocks Tumble, but Broader Market Is Holding OnWashington TimesU.S. futures fall as Amazon, Intel and Alphabet weigh on Wall StreetReutersIntel warning sparks chip rout as PC weakness clouds turnaroundDaily Mail'Tech carnage' as AI share price slump sparks fears of market crashThe TelegraphIntel shares plunge 22pc after PC slowdownThe GuardianTech sell-off drives US markets down by nearly $1tn after subpar earnings reports
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