Intel and Amazon Shares Plummet After Weak Earnings
Intel and Amazon shares crashed in premarket trading on October 30 following disappointing September quarter earnings and concerns over AI spending.
Shares of Intel and Amazon plummeted in premarket trading on October 30, 2026, triggering a broader selloff across the technology sector. Intel shares dropped between 23% and 25% after the company reported a decline in PC sales and issued weak guidance, citing memory constraints and limited IT budgets.
Amazon shares fell 7% after the company missed both top and bottom-line estimates. Investors expressed concern over negative free cash flow for the second consecutive quarter, driven by massive capital expenditures related to artificial intelligence. The downturn dragged Nasdaq-100 futures down 2% and impacted other semiconductor firms, including Nvidia and Micron.
This volatility follows a sharp decline in Alphabet Inc. shares earlier in the week due to negative free cash flow. In contrast, Microsoft shares rose after the company remained cash flow positive during the September quarter. Intel CEO Lip-Bu Tan acknowledged the company's struggle to keep pace with market needs, stating he was disappointed the firm could not meet strong customer demand during the quarter.
