Nasdaq hits near three-month low as Amazon, Intel rattle AI trade - Nikkei Asia

 (Reuters) -- The Nasdaq fell to its lowest in nearly three months on Friday after Amazon's aggressive AI spending plans and Intel's cash-burn warning heightened concerns over soaring AI buildout costs and the timeline for returns.

After paring most of its premarket declines, Amazon.com was down 2%. The company reported a sharp cash outflow in the third quarter and signaled another increase in capital expenditure next year.

Intel was set for its steepest one-day drop on record with a near 29% slide after the chipmaker said it would burn cash this year due to a weak PC market, manufacturing hurdles and heavy spending to expand production.