A 2.86% fall in the Nasdaq last Friday, its biggest daily percentage loss since early June, left the index 7.8% below its October 6 record high. The widespread retreat in technology shares was the standout development across global markets, as disappointing quarterly earnings from Intel and Amazon heightened doubts about the returns achievable from AI infrastructure spending. Intel shares lost 28.6%, alongside declines of 4.2% for Nvidia and 10.9% for AMD . A 7.2% drop in the Philadelphia Semiconductor Index took its losses for the month to more than 15%. Rather than drawing support from its traditional safe-haven role, gold also came under selling pressure, with precious metals caught in the sharp correction in equities.
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