Stocks Slide, Intel Plunges, Binance Hacked
The Nasdaq dove over 3% on October 30 as a selloff in technology stocks wiped out more than $1 trillion in value. Market declines were driven by a collapse in AI enthusiasm and earnings misses from major firms, including Intel and Amazon. This risk-off sentiment triggered a flight to safe-haven assets, increasing demand for the US dollar and Treasurys. While tech shares plummeted, Michigan automakers saw a rebound. Additionally, reports indicate a security breach at Binance, further pressuring cryptocurrency-related stocks.
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- ✓ The Nasdaq fell more than 3% as part of a broader Wall Street selloff.
- ✓ Technology stocks lost more than $1 trillion in value.
- ✓ Intel and Amazon shares declined following their earnings reports.
- ✓ Nasdaq-100 futures dropped more than 2% due to concerns over AI infrastructure costs.
What changed
Market data confirms a Nasdaq drop of over 3% and a $1 trillion loss in tech valuation following earnings reports.
Live updates
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Tech Stocks Tank as AI Concerns Deepen; Intel and Amazon Swoon
The Nasdaq dove over 3% on October 30 as a selloff in technology stocks wiped out more than $1 trillion in value. Market declines were driven by a collapse in AI enthusiasm and earnings misses from major firms, including Intel and Amazon. This risk-off sentiment triggered a flight to safe-haven assets, increasing demand for the US dollar and Treasurys. While tech shares plummeted, Michigan automakers saw a rebound. Additionally, reports indicate a security breach at Binance, further pressuring cryptocurrency-related stocks.
Why it matters
Investors are questioning the high costs of artificial intelligence infrastructure relative to its actual returns. This shift represents a broader market reckoning regarding the sustainability of the AI boom. Federal Reserve officials have added pressure by signaling support for rate hikes.
What is confirmed
- The Nasdaq fell more than 3% as part of a broader Wall Street selloff.
- Technology stocks lost more than $1 trillion in value.
- Intel and Amazon shares declined following their earnings reports.
- Nasdaq-100 futures dropped more than 2% due to concerns over AI infrastructure costs.
- Increased Treasury bids and US dollar demand followed the tech weakness.
Still unconfirmed
- Binance has been hacked.
- Fed officials are signaling support for rate hikes.
What to watch next
- Further earnings reports from Big Tech firms to determine if the AI selloff continues.
- Official confirmation and impact assessment of the reported Binance hack.
- Formal Federal Reserve announcements regarding interest rate changes.
confidence 90%Sources used for this update (19)
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- Bloomberg.com — Wall Street Turns Ruthless as Earnings Misses Fuel Deep Selloffs
- MarketWatch — The selloff in tech stocks is shifting into overdrive
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- finance.yahoo.com — Markets News, Oct. 30, 2026: Tech Sell-Off Sends Nasdaq, S&P ...
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