WirecompaniesDextape brief
Intel plunged 28.6% for its worst drop since 1974 — and the AI sell-off gave the S&P 500 its worst day since June
A drop of 4.2% for Nvidia, the chip company that became the poster child of the AI frenzy, was the heaviest force pulling the S&P 500 downward.
Dextape brief
Stocks extended their losses Friday as worries grew that AI enthusiasm had pushed valuations too high. The S&P 500 fell 1.8%, its biggest drop since June, and logged a third straight weekly decline. Intel plunged 28.6% after forecasting weaker profit for the final quarter of the year, despite beating estimates for its latest quarter. Crypto markets also slid after a hack at Binance, the world's biggest crypto exchange, affected more than $6 billion in assets. A blockchain intelligence company based in the United States said North Korean actors were probably behind the breach. Bitcoin fell below $77,000, Coinbase dropped 10.6%, and Strategy lost 7.8%. Amazon slipped 1.4% on weaker-than-expected summer profit, and Nvidia dropped 4.2%.
Why it matters: The sell-off links AI spending worries with crypto stress, showing how a major exchange hack and tech weakness are weighing on digital-asset shares.
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