Intel and Amazon Shares Plunge, Nasdaq Drops 2.26%
Intel shares plunged nearly 30% on Wall Street, and Amazon also fell, dragging the Nasdaq technology index down 2.26%. Intel warned Thursday of weak fourth-quarter growth due to sluggish PC demand, citing a global memory chip shortage that raised average PC prices by an estimated 18% in 2026, cooling demand by 20% in Q3. Amazon's cloud computing sales rose 39% in Q3, but its investments, now double last year's, exceed revenue generated; its Q3 revenue of $201.9 billion slightly missed expectations, with net profit down 2% to $20.7 billion. Amazon Web Services remains the global cloud leader, ahead of Microsoft Azure and Google Cloud, which grew 48% and 102% respectively. CEO Andy Jassy projects AWS growth above 40% in 2027 and 2028. Alphabet's stock lost 12.64% on Thursday.