Tech sell-off hits Wall Street; Intel shares plunge 29%
Intel shares fell about 29% Friday after the chipmaker gave a weaker-than-expected fourth-quarter forecast, citing a PC slump and an explosion that shut its factory in Kiryat Gat, Israel. Reddit also fell about 29%. The Nasdaq Composite fell 2.84%, its biggest decline since June, and the S&P 500 fell 1.83%, as investors worried about big tech companies' AI spending.
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Why it matters
Retirement and investment accounts that hold tech stocks or broad index funds lost value Friday. Intel says a PC slump and a factory explosion in Israel will cut its sales this quarter.
Sources
- Reuters via KFGO: October ends with a thud for Intel, Reddit, AI stalwarts
- TheStreet: Stock Market Today, Oct. 30, 2026
- Calcalist: Intel shares plunge as Israel factory blast compounds weak outlook
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