Tech stock selloff: Intel loses a third of its value, Piazza Affari among the declining markets
The semiconductor sector drags Wall Street down following Amazon and Intel's quarterly results; Brent rises and pushes European oil stocks upward, with Eni leading the gains.
An untold story this morning: in the October 30 session, European markets, with Piazza Affari leading the declines, accompanied a wave of selling that on Wall Street concentrated on the technology sector. The Nasdaq plunged 3%, touching lows not seen in almost three months, according to an analysis of market data. The figure currently comes from a single source; no further independent confirmation is available.
What weighed most heavily were the quarterly results of Amazon and Intel. Intel lost between 29 and 30% of its stock market value, burning more than 120 billion in capitalization in a single session. The downward movement had already begun on Thursday, with Alphabet’s 12% crash, and extended on Friday to other semiconductor manufacturers: Advanced Micro Devices lost 11%, Nvidia 4%, Broadcom 5%. The common thread behind the selling is investor concern over the sustainability of the massive artificial intelligence investments announced by major technology companies.
| Stock/index | Change |
|---|---|
| Nasdaq | -3% (lows not seen in three months) |
| Intel | -29/-30% |
| Alphabet (Thursday) | -12% |
| Advanced Micro Devices | -11% |
| Nvidia | -4% |
| Broadcom | -5% |
| Brent | +13% |
| Eni | +13% |
| Snam | +10% |
The impact on energy markets moved in the opposite direction to tech stocks: crude oil prices rose, with Brent up 13%, pulling European oil stocks higher. On Piazza Affari, Eni benefited, up 13%, and Snam, up 10%, while the rest of the Italian market felt the effects of the overall cautious sentiment toward tech stocks.
The October 30 session thus leaves a divided picture: heavy losses concentrated on stocks linked to semiconductors and artificial intelligence, gains on energy stocks driven by the rise in oil prices.
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