Nasdaq 100 futures fell approximately 2.4% and South Korea's Kospi index dropped 3.48% as investors grew concerned over the massive costs of AI infrastructure. Major tech firms like SK Hynix and Samsung Electronics saw significant share price declines despite reporting strong earnings. The Nasdaq index faced a $2 trillion market value wipeout in October amid these deepening spending concerns, while the crypto market reeled from its largest-ever reported hack.
Futures fell more than 2% on October 30, as Amazon’s plans and Intel’s warning brought infrastructure costs and cash flow concerns back into focus.
Read the full storyThe sell-off spread to Asia: the KOSPI closed down 3.48% after a sell-order suspension mechanism was triggered, while Alphabet shares fell 12.6% on Wall Street.
Amazon and Intel results weighed on futures before Wall Street opened, while the Kospi fell 3.5% and technology stocks declined as investors turned to bonds.