Nvidia, AMD, and Intel stocks slide as Alphabet's AI spending spooks investors

Nvidia, AMD, and Intel shares fell sharply in premarket trading Thursday after Alphabet's latest earnings report raised concerns about the costs of building artificial intelligence infrastructure. AMD dropped 3.3%, Intel lost 3.6%, and Nvidia fell 1%, while Nasdaq 100 futures declined 1.22%. Alphabet fell more than 10% after reporting negative quarterly free cash flow of $9.07 billion, despite Google Cloud revenue doubling to $30.71 billion. The company's third-quarter capital expenditures reached $51.36 billion as it rushed to build data centers, prompting investors to question whether chipmakers' largest customers can sustain record spending without sacrificing profitability. Intel's earnings report after Thursday's close will be the next test, with analysts expecting revenue around $16.5 billion. AMD reports November 3, and Nvidia follows November 17, while Amazon's results Thursday evening may also influence sentiment. Microsoft shares rose about 3.5% premarket on stronger cash generation.