As of November 2, the S&P 500 stood approximately 4% below its recent high, while the Nasdaq had lost about 10%. Disappointing results from Intel, Amazon and Alphabet fueled doubts about the returns on artificial intelligence investments. On October 30, the S&P 500 fell 1.82% and the Nasdaq dropped 2.86% following Intel’s and Amazon’s results. TS Lombard analysts estimate that a sharp reversal in artificial intelligence investment could push the index down by more than 30%, wiping out $20 trillion in market value. This risk compounds concerns about the global slowdown, although the Federal Reserve has room to respond and US private-sector balance sheets remain relatively resilient.
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