Wire reporting: (AP, via Local 10)

U.S. technology shares fell on Friday after Amazon.com Inc. and Intel Corp. reported results that investors read as fresh evidence the artificial-intelligence build-out is straining cash and guidance^1,2,3.

The Nasdaq composite was down more than 2% in morning trade, with BBC saying it opened 2.5% lower at its lowest level in more than two months^1,2. Associated Press copy carried by Local 10 and The Philadelphia Inquirer put the Nasdaq at down 2.3% as of 11:06 a.m. Eastern, with the S&P 500 off 1.4% and the Dow Jones Industrial Average down 0.5%^3,4.

Intel was the sharpest mover among the large names cited^1,2. BBC said the stock fell as much as 30% after the chipmaker warned of a weaker computer market even as it plans more AI spending¹. CNBC put the decline near 29% and said Intel issued weaker-than-expected guidance citing ongoing PC-market softness². AP reporting said Intel tumbled 28% and was near its worst day since 1974 despite a quarterly profit that beat forecasts, after a fourth-quarter profit outlook that fell short; CEO Lip-Bu Tan said the personal-computer industry continues to feel pressure^3,4.

Amazon also declined after Thursday evening results^1,2. BBC said the shares fell as far as 6% before recovering¹. CNBC said they sank more than 2% after a third-quarter miss on revenue and profit while the company kept a 2026 capital-expenditure forecast of $220 billion and reported negative free cash flow for a second consecutive quarter². AP copy said Amazon fell 1.8% after a weaker-than-expected summer profit and reported $42.4 billion of negative free cash flow over the prior 12 months, with $94.8 billion spent on property and equipment, primarily AI-related^3,4.

The moves followed a steep drop in Alphabet Inc. on Thursday^1,2. BBC said Google's parent lost more than $500 billion in market value after saying its own AI summaries were affecting core search advertising revenue¹. CNBC said Alphabet closed 13% lower, its worst single-day drop on record in that account, after reporting ballooning negative free cash flow². AP said the stock dropped more than 12% to its worst day on record after the company burned through more cash in the summer than in the spring because of similar AI investments^3,4.

Chip names more broadly were lower^2,3. CNBC said Micron, Nvidia and Arm traded down, with European semiconductor stocks including ASML also declining². AP said a 3.1% drop in Nvidia was the heaviest force pulling the S&P 500 down, even more than Intel, as investors weighed whether hundreds of billions of dollars of AI spending will produce enough profit and whether high interest rates could slow data-center construction^3,4.

Not every large tech name sold off on cash-flow news². CNBC said Microsoft shares rose after it remained cash-flow positive in the September quarter². Raymond James chief market strategist Matt Orton told CNBC he did not see a "moment of reckoning" and said AI capex beneficiaries' fundamentals still largely hold².

AP copy said much of the rest of the market held up better, with energy and consumer names mixed after their own earnings, while Treasury yields eased^3,4. South Korea's Kospi fell 3.5% on AI-related tech worries, AP said, while Japan's Nikkei 225 fell 2.1% after the Bank of Japan held rates^3,4. Intraday percentages were still moving as reports published^1,2,3.