Tech stocks set to wipe out $1 trillion as Amazon and Intel deepen AI spending fears

The Nasdaq 100 was on course for a more than $1 trillion drop at Friday's open, with Amazon down about 7% and Intel down about 26% in premarket trading after earnings that failed to reassure investors. Amazon's AI buildout spending ran faster than expected last quarter while its core retail growth slowed, and Andy Jassy said the company still expects about $220 billion in 2026 capex and meaningfully more in 2027. Intel guided fourth-quarter sales and profit below expectations, citing manufacturing and supply shortages and a memory crunch, and the Philadelphia semiconductor index sank 7% premarket. The selloff follows Alphabet's record one-day loss of about $500 billion in market value on Thursday.