Global technology stocks suffered a major sell-off on Friday, October 30, wiping out more than $1 trillion in market value as investors questioned whether massive artificial intelligence investments would generate sufficient returns. The Nasdaq 100 declined 3.4%, recording its worst daily performance since June, while the broader S&P 500 fell 1.8%. Technology shares led the losses, with the sector dropping more than 4.2%. Intel plunged 29%, while SanDisk, AMD, Arm, Qualcomm and Marvell also recorded significant declines. Investor concerns intensified following quarterly results from Amazon and Intel. Amazon’s growing artificial intelligence expenditure raised questions about profitability, while Intel warned of weaker-than-expected sales and profits due partly to supply chain difficulties. Amazon Chief Executive Andy Jassy indicated that capital expenditure could reach approximately $220 billion in 2026, with even higher spending expected in 2027. The market reaction highlights increasing pressure on technology companies to demonstrate measurable financial returns from artificial intelligence investments.
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https://www.nbcnews.com/business/markets/tech-stocks-nasdaq-ai-boom-fears-deepen-rcna606512
