Intel stock plunges 30%, Amazon slips as Nasdaq 100 loses over $1.5 trillion

Intel's stock plunged roughly 30% in Friday afternoon trading after the company issued a weak fourth-quarter revenue forecast, deepening a broad technology sell-off. The Nasdaq 100 fell 4.2%, heading for a loss of over $1.5 trillion in market value, while the S&P 500 dropped more than 2.3%. Intel forecast fourth-quarter revenue of $15.0-$16.0 billion, below analysts' estimate of $17.1 billion, and per-share profit of 25 cents versus a forecast 43 cents. Amazon slipped about 1% after reporting a $42.4 billion free cash flow outflow over the trailing 12 months, which the company attributed to AI investment. CEO Andy Jassy said 2026 capital expenditures would be approximately $220 billion. Chip stocks fell broadly, with AMD, Arm, Qualcomm, and Marvell each dropping 12%. Intel's CFO cited a PC slowdown and a fatal fab explosion in Israel that will cut revenue by $600 million. Alphabet lost about $500 billion in market value on Thursday, its steepest one-day decline ever, after reporting negative free cash flow.