Intel's Awful Day Highlights a Brutal Tech Selloff

Company shares are off nearly 30%, and the Nasdaq is down 3% on AI worries Wall Street is handing Intel and the world of AI a painful reality check. The chipmaker's shares sank nearly 30% Friday—on track for their worst day since the mid-1970s—after it projected weaker earnings, reports CNBC .

And Intel is not alone: The tech-centric Nasdaq was down 3%, with Amazon, Alphabet, Nvidia, Broadcom, and Qualcomm all sliding as investors question just how long the AI spending boom can outrun profits. The benchmark S&P 500 was off nearly 2%, and the Dow about 1%, per the Wall Street Journal .

For the Dow, that translates to roughly 500 points. Intel blamed its weak numbers in part on sinking PC sales, and it expects that market to shrink 12% this year and 10% next year. CNBC notes that the Trump administration directed the US government to take a 10% stake in Intel last year, and the value of those holdings plunged by about $12 billion on Friday.

However, the investment is still above water, notes the outlet. Read These Next No one knows who just dropped $311M for luxury plot in Naples, Fla. Reuters reporter takes brunt of Trump's wrath for asking question.

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