Tech Slides After Amazon, Intel Earnings - Tech Roundup

Dow Jones05:15

Shares of technology companies plunged after disappointing earnings from Amazon and Intel compounded fears about a possible artificial-intelligence bust.

The SPDR Technology Sector exchange-traded fund, which tracks the tech industry group of the S&P 500, fell by 4.9% and is now 13% from its record high earlier in October.

Intel shares plunged after the chip maker forecast fourth-quarter revenue shy of Wall Street expectations, citing a prolonged slump in personal-computer sales.

Amazon shares fell more modestly after the online megastore said the rate of its advertising revenue growth was slowing, echoing warnings from rival Alphabet.

Alphabet continued its retreat the session after the Google owner registered the biggest single-session market-capitalization loss on record.

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