Tech sector drops 8.3% in October as AI spending worries hit Nvidia and Intel

Technology stocks fell 8.3% in October as rising borrowing costs fueled concerns that AI infrastructure spending could slow, pressuring major companies like Nvidia and Intel. The sector's decline was driven by fears of reduced investment in AI, with Intel dropping 45.20% after its fourth-quarter guidance missed estimates. PTC rose 33.50% after Schneider Electric agreed to acquire it for $205 per share. Other notable decliners included Sandisk, Coherent, and Teradyne, while Gen Digital and Roper Technologies posted gains. The retreat reflects broader investor reassessment of the sustainability of AI-driven growth amid higher financing costs.