{
  "id": 17302348,
  "title": "Wall Street closes sharply lower amid AI cash burn",
  "url": "https://urgent.news/2026/10/30/wall-street-closes-sharply-lower-amid-ai-cash-burn",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-30T21:36:00.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/10/31/wall-street-closes-sharply-lower-amid-fears-of-tech-selloff"
  },
  "original_language": "en",
  "account": "On Friday, US stocks plummeted as the Nasdaq experienced its steepest one-day percentage decline since June 5, following poor quarterly results from Intel and Amazon. The tech-heavy Nasdaq index declined by 2.9%, marking a 7.8% drop from its October 6 all-time closing high. Intel's shares plummeted 28.6%, while Nvidia fell 4.2% and AMD plunged 10.9%, reflecting growing concerns over AI-related companies' excessive spending on the nascent technology. All three major US stock indexes slipped, with the S&P 500 and Nasdaq both recording monthly losses, while the Dow emerged from October with a slight gain. The tech sector of the S&P 500 witnessed its most significant monthly percentage loss since March 2025, and communication services recorded their biggest monthly decline since April 2022. Despite the overall market downturn, some companies outperformed expectations, such as Exxon Mobil and Chevron, benefiting from soaring profit margins due to energy supply disruptions caused by the US-Israeli conflict with Iran and Russia's war in Ukraine.",
  "summary": "Disappointing quarterly results from Intel and Amazon, which heightened concerns over heavy AI spending, triggered a tech selloff.",
  "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."
}