{
  "id": 17236381,
  "title": "‘Tech carnage’: AI stocks plunge as investors spooked by gloomy earnings",
  "url": "https://urgent.news/2026/10/30/tech-carnage-ai-stocks-plunge-as-investors-spooked-by-gloomy-earnings",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-30T13:55:26.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/tech-carnage-ai-stocks-plunge-as-investors-spooked-by-gloomy-earnings/"
  },
  "original_language": "en",
  "account": "The tech sector experienced a significant downturn on Friday after multiple companies released disappointing earnings, intensifying concerns over the speed and scale of AI spending. The Nasdaq Composite Index plummeted 2.2 percent at the opening bell following a $500 billion decline in Alphabet's shares, parent company of Google. Since its peak on October 6, the tech-heavy index has shed roughly $3 trillion in value. Intel's forecast of lower-than-anticipated revenue, influenced by a stagnant PC market and supply chain complications, saw its shares plummet over 28 percent upon market open. Amazon's weaker-than-expected sales and subdued outlook for its retail division also sent its shares tumbling 2.7 percent. Neil Wilson, a UK investor strategist at Saxo, described the sell-off as \"tech carnage as October wraps up,\" noting that all AI-exposed stocks were in a state of \"meltdown.\" Peer companies Microsoft and Nvidia also faced declines of 1.9 percent and 3.5 percent, respectively. The sell-off extended to Asian markets, with Japan's Nikkei 225 falling 2.1 percent, primarily driven by a steep 16.2 percent drop in Fujitsu shares. South Korea's blue-chip index declined 3.4 percent as Samsung Electronics and SK Hynix both dropped 3 percent and 1.5 percent, respectively. While European markets, particularly the FTSE 100, managed to avoid the AI fallout, ASML, a Dutch chipmaker, saw a 5.7 percent drop. In contrast, the FTSE 100 climbed 0.3 percent in early trading, appearing as an \"island of tranquility\" amid the tech turmoil. Wilson attributed the resilience of the FTSE 100 to its limited exposure to tech leaders and strong valuations, anchored by traditional sectors generating tangible returns. However, London-based tech stocks, such as Raspberry Pi and Computacenter, were not spared, with the former declining 4.6 percent and the latter shedding 3.4 percent.",
  "summary": "The global tech sell-off deepened on Friday after a string of heavily disappointing earnings revived fears over the pace and scale of AI spending. The Nasdaq Composite Index plunged 2.2 per cent at the open on Friday after a $500bn rout in Google-owner Alphabet’s shares on Thursday. Roughly $3 trillion has been wiped off the [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}