Nasdaq posts its largest one-day drop since June 5 as AI spending fears hit tech

Intel's historic plunge and Amazon's massive AI capex bill sent the Nasdaq Composite down 2.86% on October 30 The Nasdaq Composite fell 2.86% on October 30, 2026, closing at 25,437.00. That was the index’s largest one-day percentage decline since June 5. The trigger was a familiar one this earnings season: worry about how much Big Tech is spending on artificial intelligence, and when any of it pays off. Intel and Amazon lead the retreat Intel did most of the damage. Its shares fell nearly 29% after the chipmaker issued disappointing fourth-quarter guidance tied to AI and PC market dynamics. That was Intel’s worst single-day performance since 1974. Amazon added to the gloom from the other side of the AI trade. The company disclosed $42.4 billion in free cash flow outflows over the preceding year, alongside $94.8 billion in capital expenditures directed primarily at AI-related infrastructure. The pain spread quickly across semiconductors. AMD dropped 10.9%, Nvidia fell 4.2%, and the semiconductor index slid 7.2% on the day. The broader market didn’t escape either. The S&P 500 lost 1.82%, while the Dow Jones Industrial Average gave up 1.09%. A rough month for the AI trade The sell...