Nasdaq sinks as Amazon, Intel deepen Wall Street AI spending fears

US tech stocks sold off again Friday as Amazon’s big AI investment plans and Intel’s warning on cash burn sharpened doubts about how quickly the industry’s massive infrastructure spending will pay off. The Nasdaq Composite fell 2.26% at the open, while the Nasdaq 100 ended down 3.5% after briefly sliding into correction territory. Intel shares tumbled 29% after a weak revenue forecast, while Advanced Micro Devices fell 11%, Nvidia lost 4.2% and Dell dropped 11%. Alphabet’s earlier earnings miss had already rattled investors after its search and advertising growth disappointed. The latest results reinforced a divide in the AI trade: markets are rewarding companies that turn AI into revenue and punishing those pouring billions into data centers and chips.