Wall Street slides as AI spending fears hit tech stocks

Wall Street closed sharply lower Friday, with the Nasdaq falling 2.86% in its worst day since June, triggered by disappointing results from Intel and Amazon that fueled fears over massive AI spending. Intel shares plunged 28.6% after its quarterly report, while AMD slid 10.9% and Nvidia dropped 4.2%, dragging the broader chips index down 7.2%. The S&P 500 fell 1.82% and the Dow lost 1.09%, with all three indexes closing lower on the week. The S&P 500 tech sector posted its largest monthly loss since March 2025. Despite 82% of reporting S&P 500 companies beating earnings expectations, energy firms Exxon and Chevron gained on supply disruptions, while crypto stocks fell on reports of a $6.3 billion Binance hack.