Nasdaq 100 Slides 3.5% as October Tech Rout Erases Over $2 Trillion

The tech-heavy Nasdaq 100 tumbled 3.46% to 28,384.85 on the final trading day of October, capping a monthly decline of 6.65% that erased more than $2 trillion in market capitalization. The index neared correction territory amid mounting skepticism over massive corporate AI capital spending and disappointing corporate earnings. Severe single-day losses hit semiconductor and tech firms, with Intel plunging roughly 29% and Reddit falling 29.22%, while megacap hyperscalers Alphabet, Meta, Microsoft, and Amazon also retreated. Over the full month, Intel plunged 45.20%, while Alphabet and Meta shed over 15%.