US technology stocks tumble following disappointing earnings from Intel and Amazon

On Friday, October 30, 2026, the Wall Street stock market experienced a significant downturn, with the Nasdaq index falling to its lowest point in two to three months. The sell-off was primarily triggered by underwhelming third-quarter financial results from tech giants Intel and Amazon, which fueled investor anxiety regarding the massive, unproven infrastructure costs associated with artificial intelligence development.

Intel shares plummeted by 29% after the company reported a 5% year-over-year revenue decline in its client computing and physical AI segments to $8.1 billion, while offering negative guidance for the current quarter due to slowing PC market demand. Amazon shares fell by over 4% as its earnings and revenue figures failed to meet Wall Street expectations. The broader market reaction saw the Nasdaq record losses of between 2.31% and 3.4% depending on the reporting source. Other semiconductor manufacturers were also impacted, with AMD declining by 10%, Broadcom by 4%, and Nvidia by 3%. The S&P 500 and Dow Jones indices also moved downward during the session.

This decline marks a sharp shift from the record highs observed on October 6. Analysts estimate that over $2 trillion in market value could be wiped from the Nasdaq 100 this month as investors re-evaluate the profitability and timeline of AI investments.