Wall Street closes sharply lower as AI cash burn fears spark tech selloff – as it happened
News Source
•Fri, 30 Oct 2026 20:24:25 GMT
📰 What Happened
US stocks fell sharply on Friday, led by technology shares. The S&P 500 lost 1.8 percent, the Nasdaq dropped 2.84 percent and the Dow fell 1.09 percent.
The sell-off followed weak quarterly results from Intel and Amazon. Chip stocks fell hard, and all three main indexes ended the week lower.
Investors are worried about how much money AI companies spend on chips and data centres. Crypto firms also fell after hackers stole $6.3 billion from Binance.
🔍 The Backstory
US stock markets have climbed for years, partly on excitement about AI. That pushed the value of chipmakers and software firms to record highs.
Now investors want proof that the spending pays off. When results miss expectations, shares fall fast, especially in tech.
About 82 percent of S&P 500 companies that have reported beat forecasts this quarter. Even so, worries about costs and energy prices have made markets jumpy.
🎯 Why It Matters
Millions of people hold shares through pensions and savings funds. A bad week on Wall Street can show up in retirement accounts months later.
US stocks fell sharply on Friday, led by technology shares. The S&P 500 lost 1.8 percent, the Nasdaq dropped 2.84 percent and the Dow fell 1.09 percent.
The sell-off followed weak quarterly results from Intel and Amazon. Chip stocks fell hard, and all three main indexes ended the week lower.
Investors are worried about how much money AI companies spend on chips and data centres. Crypto firms also fell after hackers stole $6.3 billion from Binance.
US stock markets have climbed for years, partly on excitement about AI. That pushed the value of chipmakers and software firms to record highs.
Now investors want proof that the spending pays off. When results miss expectations, shares fall fast, especially in tech.
About 82 percent of S&P 500 companies that have reported beat forecasts this quarter. Even so, worries about costs and energy prices have made markets jumpy.
Millions of people hold shares through pensions and savings funds. A bad week on Wall Street can show up in retirement accounts months later.