Nasdaq falls over 2% as investors rotate out of tech after Amazon and Intel earnings
What happened
According to a CNBC live-updates headline, the Nasdaq fell more than 2% as investors rotated out of technology stocks following earnings from Amazon and Intel. The Financial Times reported that US tech stocks tumbled as earnings fueled fears about AI spending.
When it started
The source links are dated October 29 and October 30, 2026. The exact trading sessions covered are not specified in the material provided.
How it spread
Per the CNBC headline, investors moved money out of tech shares after the company results. The FT attributes the sell-off to concerns that earnings reports showed heavy AI spending.
Why it matters
Bloomberg reported that share sales by Meta, Alphabet and Intel left buyers far underwater, meaning those shares are well below what those buyers paid. The sources given do not provide further detail on the causes or outlook.