Amazon and Intel both slid sharply in after-hours trading on Thursday evening, extending a week of investor anxiety about artificial intelligence spending. Amazon shares fell about 7% after third-quarter earnings and revenue came in below estimates, while Intel shares fell 23.3% after an in-line third quarter accompanied by a much weaker fourth-quarter outlook.

Amazon: cash flow turns negative

Amazon reported negative trailing-12-month free cash flow of $42.4 billion, compared with positive $14.8 billion a year earlier, and maintained a hefty 2026 capital-expenditure course of $220 billion. Investors read the combination as a company spending heavily on AI infrastructure faster than it is generating cash, and marked the shares down accordingly.

Intel: a PC downturn that will not end

Intel warned that the PC slowdown cycle would continue through at least the first half of 2027, citing near-term headwinds across the PC industry and a memory-chip shortage raising its costs. It guided fourth-quarter revenue to $15–16 billion, below the $16.5 billion it had just reported and against about $17 billion expected.

The sell-off spread wider: AMD fell 6.5%, Arm 7.8%, Hewlett Packard 7.6% and Dell 6.9% in the same evening session. As of 1:38 a.m. EDT on 30 October, Nasdaq 100 futures were down 1.87%, S&P 500 futures down 0.90% and Dow futures down 0.19%. This covers the after-hours results session, distinct from Thursday's regular-session fall in Alphabet shares already reported here.

Sources: TipRanks and TipRanks.