The Nasdaq 100 and S&P 500 together lost nearly $3.3 trillion in market capitalization after a wave of disappointing earnings and guidance. On October 30, 2026, the Nasdaq Composite fell 3.37%, while the S&P 500 dropped 2.08%, bringing the Nasdaq 100’s combined monthly losses to more than $2 trillion. Intel was hit hardest, with its shares falling about 30% after forecasting quarterly revenue below expectations. Amazon reported negative free cash flow of $42.4 billion over the trailing twelve months and maintained its 2026 capital expenditure guidance at around $220 billion, while Alphabet shed more than $500 billion in market value. Investors are now questioning the profitability of massive AI investments and whether the technology could weaken the search advertising business that helps fund those expenditures.
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