Intel shares plunged 23% in after-hours trading on October 29 after the company forecast fourth-quarter revenue below Wall Street estimates. Amazon, which also reported results that day, fell about 7%. Intraday, Intel's drop reached 22.7% to $71.20 a share, while Amazon's reached 12.4% to $214.01.
Intel's quarterly revenue rose 21% to $16.5 billion, and adjusted earnings per share came in at $0.52, above the $0.40 estimate. Its Data Center and AI segment grew 78% to $7.3 billion, and GAAP gross margin rose to 43% from 38.2% a year earlier.
Still, the fourth-quarter outlook missed expectations: revenue of $15 billion to $16 billion versus a $17.07 billion consensus, and adjusted earnings per share of $0.25 versus the $0.43 expected.
Amazon's cloud unit AWS grew revenue 39% to $46 billion, and operating margin hit a record 13.9%. Still, free cash flow over the trailing year sank to negative $42.4 billion from positive $14.8 billion a year earlier, as the company held its 2026 capital spending plan at roughly $220 billion for AI infrastructure.
The combined selloff deepened a slide in Nasdaq-100 futures, which fell roughly 2% overnight, and S&P 500 futures, down 0.8%. The downturn also reached crypto markets: bitcoin slid to its lowest price in six weeks, near $76,500.
