Wall Street Suffers Worst Day Since June as Tech Sell-Off Deepens on AI Concerns

Wall Street suffered its worst day since June as a deepening sell-off in tech stocks, driven by concerns that artificial-intelligence investments have pushed prices too high, dragged the S&P 500 down 1.8% and the Nasdaq composite 2.9%. Intel plunged 28.6%, its worst drop since 1974, after issuing a weak profit forecast, while Amazon fell 1.4% on heavy cash burn from AI spending. Alphabet had dropped over 12% the prior day, and Nvidia fell 4.2%, as investors shifted from "hopes and dreams" to a "show me" phase demanding tangible returns. Outside tech, stocks were more resilient, with ExxonMobil, Chevron, and Mondelez rising on strong earnings. Bitcoin fell below $77,000 after a hack on Binance, and Treasury yields eased to 4.93% as investors sought safer assets.