Tech stocks slide as AI debt concerns hit Wall Street

Wall Street fell sharply on Friday as investors sold technology stocks amid concerns over debt from AI infrastructure buildout, with the Nasdaq dropping 2.4% to 26,116, heading for its first weekly loss in five weeks. Chipmakers and neocloud companies like CoreWeave, which finance expansion through debt and equity rather than cash flow, were hit hardest. CoreWeave slid 12% Friday and 26% this week, while Micron fell 4.1%, AMD dropped 5.1%, and Intel lost 4.7%. Fresh inflation readings above the Federal Reserve's 2% target also rattled markets, with 10-year Treasury yields steady at 5.1%. Odds of a December rate hike jumped to 74.3% from 50.2% a month ago, following September's hike to 3.75%-4%.