The tech sector faced another challenging day as a selloff extended into a second straight session, driven by weak earnings reports that fueled a shift away from artificial intelligence-focused investments.
Amazon shares dropped 7.3% after the company disclosed higher-than-expected capital expenditures, raising concerns among investors about its financial outlook.
Intel experienced an even steeper decline, with its stock plummeting 23% following a revenue forecast that fell short of analysts' projections, further exacerbating the market downturn.
Bloomberg's Ruhell Amin reported on the deepening selloff, highlighting the broader impact on equity markets as investors reassessed their positions in the tech sector.