Oct 31, 2026 · 6 min · 6 segments
Did disappointing earnings from Alphabet, Intel, and Amazon trigger a tech selloff? And why are Chevron and ExxonMobil posting record profits as fresh tension with Iran flares? Plus, are crypto…
Jack PitcherHost
Rising interest rates have made it more difficult for AI companies that are trying to raise hundreds of billions of dollars to build out data centers and other infrastructure to access affordable capital.
Increasingly, companies that want to borrow are facing tough questions from investors who want to know when such investments could turn profitable.
On Wednesday, the Federal Reserve announced it would hold interest rates steady for now, which is what Wall Street had expected.
The cracks in the AI trade multiplied through the week, culminating in a sharp tech sell-off Friday that sent the Nasdaq composite to its worst day since June and its worst month in more than a year.
The biggest shockwave came from Alphabet, which suffered its worst trading day ever.
On Thursday, shares finished the day about 12.6% lower, equivalent to $497 billion in lost market cap, according to Dow Jones market data.
Revenue from the company's core search unit fell short, and the company also burned through cash at a faster clip than Wall Street expected, reflecting the cost of the AI build-out.
And yesterday, Intel had its worst trading day ever after it, too, reported disappointing third-quarter earnings.
Shares plunged almost 29% after the memory chip crunch and other hiccups weighed on PC sales.
Intel lost $140 billion in market cap, its largest one-day market cap decline on record.
Overall, revenue increased 12% to $201.9 billion, but still fell below analyst estimates.
Rising interest rates have made it more difficult for AI companies that are trying to raise hundreds of billions of dollars to build out data centers and other infrastructure to access affordable capital.
Increasingly, companies that want to borrow are facing tough questions from investors who want to know when such investments could turn profitable.
On Wednesday, the Federal Reserve announced it would hold interest rates steady for now, which is what Wall Street had expected.
The cracks in the AI trade multiplied through the week, culminating in a sharp tech sell-off Friday that sent the Nasdaq composite to its worst day since June and its worst month in more than a year.
The biggest shockwave came from Alphabet, which suffered its worst trading day ever.
On Thursday, shares finished the day about 12.6% lower, equivalent to $497 billion in lost market cap, according to Dow Jones market data.
Revenue from the company's core search unit fell short, and the company also burned through cash at a faster clip than Wall Street expected, reflecting the cost of the AI build-out.
And yesterday, Intel had its worst trading day ever after it, too, reported disappointing third-quarter earnings.
Shares plunged almost 29% after the memory chip crunch and other hiccups weighed on PC sales.
Intel lost $140 billion in market cap, its largest one-day market cap decline on record.
Overall, revenue increased 12% to $201.9 billion, but still fell below analyst estimates.
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