Intel shares fall as much as 30% as Nasdaq opens at two-month low

Amazon falls as much as 6% after earnings miss expectations

US stocks continued to slide on Friday as concerns continued to intensify over the increasing costs of the artificial intelligence buildout, BBC News reported.

Shares in Intel continued their overnight slide into early trading on Friday, falling as much as 30% after the chip maker warned of a weaker computer market even as it plans to increase spending on AI.

Amazon shares fell as far as 6% before recovering, after its reported earnings on Thursday evening fell short of investors’ expectations.

The tech-heavy Nasdaq stock exchange opened on Friday at its lowest level in more than two months, down 2.5%, as other tech stocks including Reddit and Roblox continued to fall.

The Nasdaq Composite Index stood at 26,184.72 on Oct. 30, according to FRED, the Federal Reserve Bank of St. Louis data service. That figure is the index level as published, not a measure of the session’s change.

Friday’s selling follows a sharp move in one of the largest companies in the market. The value of Google owner Alphabet plunged by more than $500bn on Thursday after it revealed its own AI summaries were affecting its core search advertising revenue.

The declines at Intel, Amazon and the Nasdaq came in the same session in which Reddit and Roblox also continued to fall, the BBC reported.

Rachel Clun, a BBC business reporter, reported the session from New York.