The major indexes ultimately fell for the week as Google, Amazon, Intel and ServiceNow led a tech sell-off. However, many other sectors performed well.
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Related tickers and likely impact
AMZN
▼ Likely negativeAmazon
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/29/2026 | 243.79 |
| Change that session | -4.25% |
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/29/2026 | 283.82 |
| Change that session | -12.64% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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The technology sector had a rough month. However, other sections of the stock market were less alarming.
- Dow Jones Futures Fall, Nasdaq Futures Plunge 2% On Amazon, Intel After Google, ServiceNow, Fortinet Dive
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Alphabet plunged 12.6% on Thursday, its worst single-day performance, after third-quarter earnings fell short of expectations, and Citizens downgraded the stock to Market Perform. Intel fell 30.3% on Friday despite a third-quarter beat, as fourth-quarter revenue guidance of $15 billion to $16 billion came in below the $17.08 billion analysts expected; Bank of America downgraded it to Neutral. Amazon slipped 2.2% to $238.27 after missing on both revenue and profit, while ServiceNow and Fortinet fell 27% and 20.1% on Thursday. Coinbase dropped 13.4% on Friday to a more than two-year low, weighed by the Binance hack that saw $6.36 billion stolen, the largest crypto theft on record.
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Seaport Research Partners analyst Jay Goldberg views Anthropic's operating profit of almost $1 billion as likely temporary. He said the company has warned it may be profitable in the next quarter or two before returning to losses, as it shifts from leasing computing capacity by the hour from Amazon to building its own compute, which it considers a key competitive advantage and will spend heavily on. Goldberg described the relationship with Amazon (AMZN) and Google (GOOG, GOOGL) as complex, since Anthropic is both a major customer, with a large share of Amazon's AI revenue coming from it, and a potential competitor. He does not think conclusions about Anthropic can be drawn from this week's tech market moves, citing interest rates and an ongoing war. Anthropic's computing bill is falling quickly, which is good news for now, but that is expected to reverse as it starts buying its own compute.
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- Intel Stock Suffers Worst Crash in 50 Years as Weak Forecast Overshadows AI Chip Demand
Intel shares plunged nearly 30% to $65.76 on Friday, wiping out more than $146 billion in market value in the worst single-day decline in over 50 years, after the chipmaker forecast fourth-quarter revenue of $15 billion to $16 billion, below the $17.07 billion Wall Street expected. Its third-quarter results were strong, with revenue up 21% to $16.5 billion and Data Center and AI revenue reaching $7.3 billion, up 78%. However, Intel forecast adjusted EPS of $0.25 versus the $0.43 estimate and a non-GAAP gross margin of 38%, down from 44.1%, citing weak PC demand, server chip manufacturing constraints and an accident at an Israel factory. CFO Dave Zinsner called 2027 an investment year and warned that positive free cash flow is probably not likely next year, as Intel spends heavily on manufacturing expansion.
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Broadcom has put together a $63 billion package so Anthropic can buy its chips, and banks plan to sell as much as about $21 billion of high-grade bonds from it as soon as early next year. Former SEC Chair Gary Gensler compared the package to the off-balance-sheet deals of 2008 and raised concerns about guarantees written by Broadcom, NVIDIA and AMD. Broadcom provides residual value support on the $42 billion of senior debt, which costs it if the chips are worth less than what is owed. Anthropic is both Broadcom's growth driver and its credit risk, as its run-rate revenue passed $30 billion while its IPO filing showed steep losses. Broadcom trades at 20x forward earnings, near its three-year low, and the author says some of that risk is already reflected in the price.
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