Nasdaq Futures Sell Off 758 Points as Big Tech Extends Tumble

Nasdaq-100 futures fell 2.2% as Amazon and Intel reported earnings that raised concerns about AI capital spending. Amazon missed revenue and profit estimates, while Intel warned of cash burn in 2026. Both stocks dropped significantly in premarket trading, with Amazon down 6.3% to 7.2% and Intel down 18% to 25%.

US tech stocks declined due to AI cost concerns. Intel fell 30% after warning of a weaker PC market and increased AI spending. Amazon dropped 6% after earnings missed expectations. Alphabet lost $500bn after reporting AI impacts on search revenue. Intel's finance chief forecast lower Q4 revenue and no positive cash flow this year.

AMD shares dropped 8% after Intel's weak forecast and warning of a shrinking PC market. AMD trades at $519.25, down $47.17. Intel projected lower revenue and PC market contraction, affecting AMD's PC and server chip businesses. AMD's upcoming earnings report is now under scrutiny.

Intel's stock fell 28.41% to $65.91 on October 30, 2026, reducing the Commerce Department's stake value by $11.34 billion. The drop followed weak Q4 guidance, despite strong Q3 results. The government owns 10% of Intel, acquired for $8.9 billion, and remains up $19.66 billion on its investment.

Intel's stock dropped 27% after a weaker-than-expected Q4 forecast, despite beating Q3 earnings. The company cited a memory chip shortage, predicting a 12% PC market decline in 2026. Revenue is expected to be $15B-$16B, below estimates. Analysts cut price targets, with the average now at $100. The stock is down 52% from its 52-week high.

Intel's stock fell 30% to $65.15 after forecasting Q4 revenue $1.57B below estimates, despite a 78% growth in its AI business. The company expects a 20% decline in PC division revenue due to manufacturing constraints and weaker sales, compounded by a factory explosion. Intel's Q3 revenue rose 21% to $16.5B, beating estimates, but the forecast disappointed investors.