Wall Street ends October with sharp tech selloff as AI spending worries grow

Wall Street ended October with a sharp selloff on Friday, sending the Nasdaq composite to its biggest one-day decline since June and testing this year's technology rally. Chipmaker Intel and social media firm Reddit each fell 29%, while Sandisk dropped 13%. Microsoft, Meta, Amazon, and Alphabet also declined, as investors grew nervous about the massive capital spending by these "hyperscalers" on AI infrastructure. The Nasdaq 100 fell 3.5%, nearing a correction, while the composite is down 7.8% from its high. Silver dropped 6% and gold fell 3.5%, though oil rose 2%. Financial stocks were hit hard, and Bitcoin fell 3% after a hack of Binance.