Amazon and Intel Shares Drop Following Disappointing Quarterly Earnings
Amazon (AMZN) and Intel (INTC) shares experienced significant declines in premarket trading following disappointing third-quarter financial results. Amazon's stock fell 7% after reporting misses on both top and bottom lines, alongside negative free cash flow for the second consecutive quarter. Meanwhile, Intel saw a sharp 25% plunge as investors reacted to its earnings report. The sell-off reflects growing market anxiety regarding the massive capital expenditures being directed toward artificial intelligence by major technology firms. While Microsoft (MSFT) managed to remain cash flow positive, other giants like Alphabet (GOOGL) have faced historic single-day drops due to ballooning negative free cash flow, contributing to a broader downturn in Nasdaq futures.
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Topics: AI spending earnings report free cash flow stock market volatility tech sector earnings