Amazon and Intel results deepen tech sell-off as Nasdaq slides

what happened

Technology stocks extended their decline on Friday morning, with the Nasdaq Composite down more than 2%, as results from Amazon and Intel added to doubts about the payoff from artificial intelligence, the Wall Street Journal reports. Amazon shares fell even though its earnings matched the company's own forecasts and cloud computing grew strongly. Investors, the paper notes, had wanted more.

Intel shares were heading for their worst session in company history, as a shortage of memory chips and other setbacks hurt demand for PCs. Cryptocurrencies also slipped after hackers reportedly drained an estimated $6.3 billion from the Binance exchange. Binance halted transactions and said affected users would be fully reimbursed.

Oil gained on fresh regional risks. Brent traded near $113 a barrel after a tanker passing through the Strait of Hormuz was attacked, according to the UK Maritime Trade Operations agency. Ukraine also struck a Russian refinery, ending a pause the Trump administration had been pressing for.

why it matters

The weakness in tech revives questions about whether heavy AI spending will pay off, while the Binance breach deepens distrust toward crypto exchanges. The tanker attack and refinery strike add a geopolitical premium to oil, and traders will watch whether these shocks spread into broader markets.

market impact

Tech stocks and Nasdaq: AI doubts pressure the sector; Bitcoin: Binance hack weighs on crypto; oil: Hormuz risk supports Brent.

• ▼Nasdaq pressure down — doubts about AI returns and weak earnings pressure the tech sector
• ▼Bitcoin pressure down — the Binance hack weakens sentiment across crypto markets
• ▲Brent pressure up — the tanker attack and refinery strikes add a geopolitical risk premium

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