{
  "id": 17374056,
  "title": "Wall Street's AI party hits a brutal reality check",
  "url": "https://urgent.news/2026/10/31/wall-streets-ai-party-hits-a-brutal-reality-check",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-31T00:50:12.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/markets/us-stocks/wall-street-guide/wall-street-drops-to-its-worst-day-since-june-after-the-sell-off-for-tech-stocks-deepens/articleshow/135382776.cms"
  },
  "original_language": "en",
  "account": "Wall Street's artificial-intelligence (AI) party met a harsh reality check on Friday after tech stocks suffered a significant sell-off. The S&P 500 fell 1.8%, the Nasdaq composite dropped 2.9%, and the Dow Jones Industrial Average declined 1.1%. Intel's stock plummeted 28.6%, marking its worst decline since 1974, as it failed to meet profit expectations. Amazon also saw a 1.4% drop due to weak summer earnings and massive cash burn in AI investments. Alphabet's stock plunged more than 12%, its worst day ever, after reporting a surge in cash burn for AI initiatives. Nvidia, a key player in the AI frenzy, saw its stock drop 4.2%, dragging the S&P 500 lower. The cryptocurrency market also suffered after a hack on the largest crypto exchange, with Bitcoin's price falling below $77,000. However, some traditional sectors like oil and consumer goods remained resilient, with ExxonMobil and Colgate-Palmolive reporting stronger-than-expected profits. The stock market remains only 3.1% below its all-time high, but investor confidence is waning as midterm elections approach and concerns about high interest rates slow data center expansion grow.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 5,
    "also_reported_by": [
      {
        "outlet": "Techmeme",
        "title": "S-1: Anthropic says it heavily depends on TSMC chips made in Taiwan and warns of risks from \"potential disruption\" amid geopolitical tensions with China (Joseph C. Sternberg/Wall Street Journal)",
        "url": "https://urgent.news/2026/10/30/s-1-anthropic-says-it-heavily-depends-on-tsmc-chips-made-in-taiwan",
        "published": "2026-10-30T03:10:00.000Z"
      },
      {
        "outlet": "NPR",
        "title": "The two most interesting risks to Anthropic",
        "url": "https://urgent.news/2026/10/30/the-two-most-interesting-risks-to-anthropic",
        "published": "2026-10-30T11:00:00.000Z"
      },
      {
        "outlet": "Fortune",
        "title": "Anthropic’s IPO filing spends 69,800 words on AI’s risks to investors and says little about the risks to the rest of us",
        "url": "https://urgent.news/2026/10/30/anthropics-ipo-filing-spends-69-800-words-on-ais-risks-to-investors",
        "published": "2026-10-30T14:27:58.000Z"
      },
      {
        "outlet": "SiliconANGLE",
        "title": "As Anthropic finally files for IPO, rising risks aren’t slowing the AI buildout – yet",
        "url": "https://urgent.news/2026/10/30/as-anthropic-finally-files-for-ipo-rising-risks-arent-slowing-the-ai",
        "published": "2026-10-30T15:30:08.000Z"
      }
    ]
  },
  "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."
}