Intel's Worst Day in 50 Years Drags Tech Stocks Down

Intel shares plunged 28.5% on Friday, marking the chipmaker's worst day on Wall Street in over 50 years, as disappointing third-quarter results and weak forecasts triggered a broad selloff in technology stocks that dragged the Nasdaq down 2.86%. The decline followed Intel's report of $3.52 billion in third-quarter profit, down 18% year-over-year, and guidance for fourth-quarter revenue between $15 billion and $16 billion, well below the $17.1 billion analysts expected. Amazon also fell 1.41% after missing earnings and revenue estimates, while its fourth-quarter operating profit outlook came in below consensus. The selloff reflects investor concerns over massive AI spending by tech giants amid uncertain returns. Intel's drop also hit the Trump administration, which holds a 10% stake in the company, reducing its value by about $12 billion, while Nvidia's stake lost $6 billion.