Amazon, Intel shares fall after earnings amid AI spending concerns

Amazon and Intel shares were down in premarket trading on Friday after they reported September quarter numbers that disappointed investors, dragging Nasdaq futures down 2% and capping off a week of rough tech earnings.

Amazon shares were down 7% in premarket trading, while Intel was down 25%.

Amazon reported a third-quarter miss on the top and bottom line while maintaining its capital expenditure forecast for 2026 of $220 billion this year. Amazon also reported negative free cash flow for the second consecutive quarter, much larger than the previous period.

Intel issued weaker-than-expected guidance, citing ongoing softness in the PC market.

Chip stocks including Micron, Nvidia and Arm were lower in premarket trade in the U.S., while major European semiconductor names, including ASML, saw sharp declines.