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Nasdaq slumps as Intel, Reddit and AI names sell off
CNA, carrying Reuters, said Friday's Nasdaq drop was the largest since June, with Intel and Reddit each down 29 percent as investors reassessed AI capital spending.
Based on reporting by CNA
Wire reporting: (Reuters, via CNA)
U.S. technology shares fell sharply on Friday, with Channel NewsAsia carrying a Reuters market wrap that said the Nasdaq composite posted its largest decline since June1.
Intel and Reddit each dropped 29 percent, and Sandisk fell 13 percent, according to that report1. Microsoft, Meta Platforms, Amazon and Alphabet declined about 1 percent to 2 percent on Friday after earlier losses in the week1.
Capital Economics said the four large cloud operators accounted for more than a third of capital spending by current S&P 500 companies over the past 12 months and that their share may rise further, a point investors were weighing1. Markets economist John Higgins said spending was becoming partly dependent on outside financing, which had increased investor unease1.
The Nasdaq 100 fell 3.5 percent and was near a 10 percent decline from a recent high, the report said, while the composite was 7.8 percent below its closing high after its weakest month since March 20251. Silver fell 6 percent and gold 3.5 percent; oil rose 2 percent; Goldman Sachs fell 4 percent and Jefferies 6 percent; bitcoin fell 3 percent after a reported theft of more than $6 billion from Binance1. Reuters published a matching headline; its page could not be read.