U.S. technology shares sold off sharply Friday, Oct. 30, after Amazon and Intel reported quarterly results that sharpened investors’ concern about the payoff from enormous spending on artificial-intelligence infrastructure. The retreat hit the companies most closely identified with the AI trade, pulled major equity benchmarks lower and underscored how a relatively concentrated group of large technology stocks can shape the broader market.
Intel fell roughly 29% to 30%, while Amazon ended modestly lower after recovering from a steeper post-earnings decline. The Nasdaq Composite closed down 2.8% and the S&P 500 lost 1.8%, according to NBC News. The selling spread well beyond the two reporting companies: the Philadelphia Semiconductor Index dropped 7.2%, with AMD, Arm Holdings, Qualcomm and Marvell each down around 10%.
Results put capital-spending returns back in focus
The market reaction was not simply a referendum on whether companies will build more computing capacity. Investors…
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