The Nasdaq fell 2.9% on Friday, Oct. 30, 2026, as Amazon’s costly AI expansion and Intel’s weaker-than-expected outlook deepened Wall Street’s technology selloff and raised doubts about when the industry’s large investments would pay off.
The Nasdaq’s fall was its largest one-day percentage decline since June 5. The index closed 7.8% below its record closing high from Oct. 6. Amazon’s third-quarter revenue and earnings were below analysts’ forecasts.
The company kept its 2026 capital-spending plan at about $220 billion. Its free cash flow over the previous 12 months fell to negative $42.4 billion. Amazon attributed the decline mainly to AI-related investment.
Intel’s quarterly results beat estimates. But its forecast of $15 billion to $16 billion in fourth-quarter revenue was below analysts’ expectations. That forecast outweighed strong growth in its data-center and AI business.
Intel shares fell 28.6% on Friday. Amazon’s decline eased as the trading session went on. The pressure also spread to chipmakers, including Nvidia and AMD, whose stocks fell.
The market reaction reflected investors’ concern that rapid spending on AI infrastructure might take longer to bring returns. Companies were still reporting strong demand for cloud and data-center services. The Nasdaq ended the month down 5.3%, extending a volatile period for technology shares.