US stock futures tumbled on Friday, October 30, as tech giants Amazon and Intel delivered disappointing earnings and outlooks, fueling investor concerns over rising AI spending. Nasdaq-100 futures dropped 2% in premarket trading, while S&P 500 futures fell around 1%. Amazon shares plunged 6% in extended trading after reporting weaker-than-expected revenue and earnings, along with a negative free cash flow of $42.4 billion and a $220 billion capital expenditure forecast for 2026.
Intel shares collapsed 21% after issuing a weaker-than-expected outlook for the current quarter, citing a slowdown in the PC market. Revenue from its Client Computing and Physical AI group declined 5% year-on-year to $8.1 billion. Sandisk shares also fell 3% in extended trading, despite better-than-expected fiscal first-quarter results and an announced eight-for-one forward stock split.
The latest declines come as investors scrutinize the scale of AI investments by major tech companies and whether these expenditures will yield meaningful returns. Amazon's results followed a disappointing earnings report from Alphabet earlier this week, which saw shares fall 12% during Thursday's trading session after missing analyst expectations and reporting negative free cash flow of $9.07 billion.
Friday marked the final trading session of October, a month characterized by volatility in technology stocks as investors assessed the rising costs of AI investments and corporate earnings. In Asia, Japan's Nikkei 225 ended 2.12% lower, South Korea's Kospi declined 3.48%, and China's CSI 300 fell 1.39%. Australia's S&P/ASX 200 bucked the trend, closing 0.18% higher.