Nasdaq-100 futures fall as Amazon and Intel swoon after earnings: Live updates
Nasdaq-100 futures fell 1.5% after Amazon (-6%) and Intel (-21%) reported disappointing earnings. Amazon missed estimates and posted negative free cash flow, while Intel issued a weak outlook. Alphabet also dropped 12% in regular trading. Investors are scrutinizing AI-related stocks and spending.
How this was made
The 30-second read
Why it matters
The immediate tradable driver is the after-hours earnings miss and weak outlook from Amazon and Intel, plus Alphabet’s earnings and free-cash-flow miss, which collectively worsen AI-spend sentiment and pressure index futures.
Market read
Index-level risk-off is being driven by mega-cap earnings misses and guidance weakness, with AI trade economics and cash flow at the center of investor scrutiny.
What to watch
The article highlights unchanged hyperscaler capex forecasts and neocloud debt worries, but it does not quantify whether these are consensus expectations versus true surprises for each company.
Background
Nasdaq-100 futures fell after after-hours earnings and guidance-driven drops in major Nasdaq constituents, with investors focusing on AI trade spending and cash-flow durability.
Ticker impact
Amazon shares fell in extended trading after its Q3 earnings and revenue missed expectations and it reported negative free cash flow of $42.4B.
Likely further pressure as investors weigh the earnings shortfall and cash-flow deterioration against the unchanged 2026 capex outlook.
The article attributes the extended-trading drop directly to the earnings/revenue miss and negative free cash flow, with no offsetting positive surprise.
Intel shares slid about 21% after issuing a weak current-quarter outlook tied to a PC slowdown and reporting client computing and physical AI revenue down 5% to $8.1B.
Likely continued weakness as the market focuses on the weak outlook and the year-over-year revenue decline in the cited segment.
The article links the magnitude of the move to the company’s own weak outlook and a specific segment revenue contraction.
SanDisk fell in extended trading after reporting fiscal Q1 results that beat estimates, while announcing an eight-for-one forward stock split.
Near-term downside bias likely driven by the broader market reaction and investor interpretation of the split rather than the earnings beat.
The article states the stock fell despite beating estimates, but does not provide a clear causal mechanism beyond the split and tape.
Alphabet shares dropped after missing Q3 earnings and revenue expectations and posting negative free cash flow of $9.07B, dragging Nasdaq and S&P.
Likely further pressure as investors digest the earnings miss and cash-flow weakness, with read-through to AI capex expectations.
The article directly ties the large move to the earnings/revenue miss and negative free cash flow.
The article notes hyperscalers Alphabet and Microsoft have not lifted their capital expenditures forecasts, keeping AI build-out expectations under scrutiny.
Mild-to-moderate downside risk from AI-spend read-through, though the article does not cite a Microsoft-specific earnings miss.
Microsoft is mentioned only in the context of unchanged capex forecasts, without a new Microsoft-specific datapoint or move.
The Roundhill Memory ETF (DRAM), which includes Micron, is down 14% in October amid AI memory play investor scrutiny.
Likely pressure consistent with the ETF’s decline, but the article does not provide Micron-specific news.
Micron is included only via an ETF composition and the article provides no Micron-specific catalyst.
The Roundhill Memory ETF (DRAM), which includes Seagate Technology, is down 14% in October as AI memory plays face investor scrutiny.
Likely downside bias aligned with the ETF’s October drop, absent any Seagate-specific disclosure.
Seagate is referenced only through ETF holdings and no company-specific event is described.
Market effects
Reinforces a broader de-risking of AI-adjacent equities, especially hyperscaler capex expectations and neocloud debt concerns.
Primarily US large-cap tech and semiconductor complex, pressuring Nasdaq-100 and Nasdaq Composite sentiment.
Could spill into global semis and storage supply-chain sentiment via AI infrastructure demand expectations.
Counterpoint
The selloff may be more about cash-flow optics and near-term PC weakness than a durable AI demand collapse, so dip-buying could emerge if guidance stabilizes.
Key entities
- companyAmazon
Q3 earnings and revenue missed expectations; negative free cash flow of $42.4B; capex forecast unchanged.
- companyIntel
Issued weak current-quarter outlook citing PC slowdown; client computing and physical AI revenue down 5% to $8.1B.
- companySanDisk
Fiscal Q1 beat but shares fell; announced an eight-for-one forward stock split.
- companyAlphabet
Missed Q3 earnings and revenue expectations; negative free cash flow of $9.07B.
- companyCoreWeave
Cited as a neocloud poster child with bond-yield surge and shares down 30% in October.
