Intel shares cratered by more than 25% as the company warned of a prolonged slowdown in PC sales, exacerbated by high memory-chip costs. The contagion hit the broader supply chain, with Advanced Micro Devices plunging nearly 10% and Broadcom shedding 5%. Equipment manufacturers were not spared; Applied Materials and Lam Research both fell over 5% as investors recalibrated their expectations for logic and memory spending.

The decline underscores a broader shift in market sentiment following a bruising week for Big Tech. Amazon shares retreated after third-quarter results missed analyst estimates, with free cash flow swinging to a $42.4 billion outflow. Alphabet also faced historic pressure earlier in the week, as investors digested the lower profit margins inherent in AI-driven search results. Meanwhile, Meta’s aggressive, multi-billion dollar commitment to AI infrastructure has left investors questioning the immediate payoff of such heavy spending, with the company’s own free cash flow dipping into negative territory for the first time since its public debut.