Absolute bloodbath today....
Aphabet, Google's parent company, fell 12.64% on Thursday after earnings. That’s roughly $500 billion in market cap gone in a single day. And on Friday, it was under pressure again, falling another 1.79% intraday.
Intel plunged approximately 28% on Friday, after falling as much as 20% in after-hours trading Thursday following its earnings release. The company actually beat Wall Street's third-quarter earnings expectations, but its disappointing fourth-quarter guidance triggered a massive selloff, wiping out more than $120 billion in market value.
Amazon initially dropped around 7% in after-hours trading Thursday after reporting earnings, before recovering some ground. By early Friday afternoon, it was down approximately 4.5%, as investors reacted to enormous AI infrastructure spending and negative $42.4 billion in free cash flow over the past 12 months.
And the selling spread across the semiconductor sector. Nvidia was down approximately 3.4%, AMD plunged nearly 10%, and Micron fell around 5%. Coinbase was also under pressure as news of the Binance hack, potentially the largest cryptocurrency theft in history, shook confidence in crypto markets
I'll be covering this extensively today