Nasdaq Tumbles Over 2% to Two-Month Low as AI Spending Fears Grip Tech; Intel Plunges 28%, TSMC ADR Falls 3.5%

U.S. stocks opened lower Friday, with the Nasdaq Composite dropping more than 2% to a two-month low as investor anxiety over mounting AI infrastructure costs and uncertain payback timelines triggered a flight from technology shares into defensive sectors. Amazon fell 4.6% early trading after reporting a $42.4 billion negative free cash flow for the third quarter, while Intel plunged 28% after issuing fourth-quarter guidance well below analyst estimates — EPS of $0.25 and revenue of $15-16 billion versus consensus of $0.43 and $17.1 billion. The Philadelphia Semiconductor Index sank 5.7%, TSMC's ADR dropped 3.6% to $416.19, Nvidia lost 2.8%, and AMD slid 8%. Weak results from Alphabet — which posted its largest single-day decline — Microsoft, and Samsung compounded concerns that Big Tech's core growth is decelerating even as capital expenditures climb. Microsoft extended losses after announcing a $25 billion bond sale. The selloff remained concentrated in tech, with more than 400 S&P 500 components advancing Thursday as capital rotated into defensive names. Safe-haven demand lifted Treasuries and the Swiss franc; the 10-year yield fell to 4.92%. Brent crude rose 2% to $113.03 on Middle East tensions, while gold fell 1.9% to $3,953.30 an ounce.