The Nasdaq fell 2.5% when trading resumed on Friday, after dropping more than 1.3% on Thursday, as investors worried about excessive AI spending. Amazon shares fell as much as 5.9% after it reported third-quarter capital spending of $77.3 billion, above expectations, while Intel plunged 29.4% in its worst day in two years after warning it would increase spending this year. Amazon and Intel together lost about $300 billion in market value on Friday, and Alphabet suffered a record $500 billion wipe-out on Thursday over fears AI could erode its search advertising business. Goldman Sachs predicts that five AI hyperscalers, namely Microsoft, Alphabet, Amazon, Meta and Oracle, will spend $1.2 trillion on infrastructure next year, but concerns are growing that this spending may not translate into revenue and profit. Rising oil prices added pressure, with Brent crude rising above $117 a barrel, its highest since April.
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Original headline: Tech sell-off grips Wall Street as investors worry about AI spending
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/29/2026 | 715.33 |
| Change that session | -1.42% |
AMZN
▼ Likely negativeAmazon
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/29/2026 | 244.23 |
| Change that session | -4.07% |
MSFT
▼ Likely negativeMicrosoft
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 10/29/2026 | 530.43 |
| Change that session | -0.11% |
NVDA
▼ Likely negativeNvidia
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/29/2026 | 213.72 |
| Change that session | -0.77% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/29/2026 | 769.53 |
| Change that session | -0.36% |
AAPL
▼ Likely negativeApple Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 10/29/2026 | 348.94 |
| Change that session | +1.49% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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