Tech shares sold off on October 30 after Intel and Amazon results showed how heavily AI spending is burning cash, with MSCI's global index down 1.5% and Intel falling 28.6%. The article links the pressure to higher borrowing costs, with the 10-year Treasury yield near 5.3% in early October, pushing hyperscalers such as Meta, Amazon, Alphabet, Microsoft and Oracle toward debt markets. Against this backdrop, Charles Schwab (SCHW) reported record core net new assets of $190 billion in the third quarter, up 38% from a year earlier, with growth coming from every client-facing business and every kind of client. Revenue hit a record while expenses grew more slowly, lifting its adjusted pre-tax profit margin to 54.8%. Schwab is also rolling out an AI assistant to handle administrative work for its advisers.
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