US stocksIntel plunges 28.58% in a day, its worst drop in 52 years, as chip index sinks 7.2% and 'when does AI pay?' doubts spread

Intel shares fell 28.58% on Oct. 30 in New York, the steepest one-day drop since 1974, wiping out more than $140 billion in market value. Q3 results met expectations, but the Q4 revenue outlook disappointed.

The Nasdaq fell 2.86%, the Nasdaq 100 3.46% and the Philadelphia Semiconductor Index 7.2%. Nvidia lost 4.22%, AMD 10.88% and SK hynix ADRs 7.95%. Alphabet had already dropped 12.6% on Oct. 29 after search revenue missed forecasts, and Amazon's ad revenue fell short.

Investors are asking when Big Tech's AI infrastructure spending will turn into profit. S&P Global Ratings cut Meta's outlook from stable to negative while keeping its AA- rating; Meta disagreed.