The tech-heavy Nasdaq has dropped 7.8% from its all-time closing high reached on Oct 6. (AFP pic)NEW YORK: US stocks tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5 following disappointing quarterly results from Intel and Amazon, which amplified growing worries surrounding AI-related companies' massive spending on the nascent technology.
All three major US stock indexes slumped, with the Nasdaq sliding 2.9%. The tech-heavy index has dropped 7.8% from its all-time closing high reached on Oct 6.
The tech rout was sparked by disappointing quarterly results from Intel and Amazon released late on Thursday. While Amazon pared losses as the session progressed, Intel shares plunged 28.6%.
