Key facts
- The Nasdaq Composite saw its biggest decline since March 2025.
- Intel shares dropped 29% and Sandisk fell 13%.
- Major tech firms including Microsoft, Meta, Amazon and Alphabet declined.
- Silver and gold prices fell, while oil prices rose.
- Bitcoin dropped 3% after hackers stole over $6 billion from Binance.
The Nasdaq Composite index experienced its largest decline since June on Friday, as a broad selloff impacted technology stocks and other risk assets. Intel shares plunged 29%, while chipmaker Sandisk dropped 13%. Major AI-focused technology firms including Microsoft, Meta Platforms, Amazon, and Alphabet saw their shares fall between 1% and 2% following earlier declines.
Investors are reportedly growing nervous about the increasing reliance on external financing for capital spending by these large technology companies. The Nasdaq 100 index fell 3.5%, nearing a correction. The damage extended beyond tech, with silver and gold prices also declining, while oil prices rose. Financial stocks were also hit, with Goldman Sachs and Jefferies experiencing significant drops. Bitcoin fell 3% after a major hack on Binance.