Earnings disappointments weigh on AI-linked shares
AI · First reported 30 Oct, 04:47 · Updated 04:57
Amazon and Intel results missed expectations, while Alphabet had reported weaker advertising and search revenue growth a day earlier. The reports coincided with declines in technology shares and wider market losses in parts of Asia.
- Amazon’s quarterly profit and revenue fell short of analyst expectations, and Intel’s forecast missed estimates amid weak PC processor demand and supply chain problems.
- Alphabet had reported weaker advertising and search revenue growth a day earlier; its shares fell more than 12%, while Amazon fell more than 7% in after-hours trading and Intel dropped 23%.
- Asian chipmakers also fell, while investors weighed AI spending and financing concerns; oil prices rose amid concerns about possible US-Iran escalation.
Summary written by Lux AI from 2 articles
Key facts
- Amazon
- Quarterly profit and revenue missed analyst expectations; shares fell more than 7% in after-hours trading.
- Intel
- Its earnings forecast missed estimates amid weak PC processor demand and supply chain problems; shares dropped 23%.
- Alphabet
- Reported weaker advertising and search revenue growth; shares fell more than 12%.
- Nasdaq
- Finished down more than 1%.
- Binance hack
- Binance later estimated the impact at around $6.3 billion and said about $3 billion had been frozen on-chain.
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Background
- An earlier Lux story reported a sell-off among China’s optical suppliers amid concerns about slower AI growth. [db43ec92-555d-4908-8ee1-e7363fe23b28]
- Another earlier Lux story reported that Amazon’s AWS revenue rose 39% to $46 billion while AI spending weighed on cash flow. [0e64f358-591a-4e99-a8fa-fce9dac0e279]
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- Independent 50% (1)
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