press (Reuters, via Mint; CNBC), Oct 30
Intel falls about 29% in its worst day since 1974 as the Nasdaq slides more than 3%
The market spent the year paying for the future. On Friday it asked for a receipt.
Key facts
- Intel
- Down roughly 29%, worst day since 1974 (CNBC)
- Nasdaq
- Down 881.35 points, or 3.37%, at 25,303.37 in midafternoon trading; S&P 500 down 160.54 points, or 2.08% (Reuters; final close not yet published by Reuters or AP)
- Chips
- Chips index down 8.7%; Nvidia down 5.3%, AMD down 12.1% (Reuters)
- Guidance
- Revenue of $15 billion to $16 billion this quarter, against $17.1 billion expected (Intel, LSEG, via CNBC)
We see the PC slowdown continuing at least through the first half of next year.
David Zinsner, Intel finance chief, via CNBC
Note
Intel shares fell roughly 29% on Friday and headed for their worst day since 1974, CNBC reports, after the chipmaker issued weaker than expected guidance, citing a plant shutdown in Israel and ongoing softness in the PC market. The fall cut the value of the US government's 10% stake by about $12 billion, CNBC says.
In midafternoon trading the Nasdaq Composite was down 881.35 points, or 3.37%, at 25,303.37, more than 8% below its October 6 closing high, and the S&P 500 was down 160.54 points, or 2.08%, at 7,559.85, Reuters reported. Final closing figures from Reuters or AP were not yet published when this note was updated. The Nasdaq 100 was on course to erase more than $1.5 trillion in value, NBC News reported during afternoon trading. The chips index shed 8.7%, with Nvidia down 5.3% and AMD down 12.1%.
Disappointing results from Intel and Amazon late on Thursday amplified fears over AI companies' heavy spending and when, or whether, it will pay off, Reuters reports. Amazon kept its 2026 capital spending forecast at $220 billion and reported negative free cash flow for a second straight quarter, CNBC says.
Why it matters
The trade that carried the market all year is now being priced for the possibility that the spending never pays back.
Sources
- Reuters via Mint: Wall Street slides as AI cash burn worries spark tech selloff (Oct 30 2026)
- CNBC: Intel stock heads for worst day in more than 50 years (Oct 30 2026)
Primary + secondary attribution as listed.
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