Tech stocks lose $1 trillion
The gist
US tech stocks lost more than $1 trillion in value as Intel plunged and Alphabet extended losses.
Investors are questioning whether heavy AI spending will pay off.
How it unfolded
- Oct 29, 2026Alphabet's value plunged by more than $500bn after it revealed its own AI summaries were affecting core search advertising revenue, described as Google's worst day since its IPO. Intel finance chief David Zinsner said the firm did not expect positive cash flow this year and forecast lower-than-expected fourth-quarter revenue.
- Oct 30, 2026US tech stocks plunged for a second day; the Nasdaq fell more than 3.5%, Intel shares dropped as much as 30%, Reddit fell 26% and Alphabet extended its losses. The Nasdaq 100 was on track to lose more than $1 trillion in market value in a single day, according to dpa-AFX.
- Oct 30, 2026Intel guided to revenue of $15 billion to $16 billion for the current quarter versus analysts' expectation of $17 billion; the Philadelphia Semiconductor Index fell 7.1%. Amazon reported third-quarter revenue of $201.9 billion, up 12 percent but slightly below expectations.