Amazon, Intel Earnings Add Fuel to Tech Selloff — WSJ
By Ed BallardThe tech selloff is intensifying this morning after results from Amazon and Intel compounded worries around the AI trade.The Nasdaq composite slumped more than 2%.Shares of Amazon dropped; its earnings were in line with the company's forecasts - and showed booming cloud-computing growth - but left the market wanting more. Intel shares, meanwhile, are having their worst day ever after the memory-chip crunch and other hiccups weighed on PC sales.The AI worry comes with a side order of crypto angst in the wake of a massive cyberattack on Binance. Bitcoin and other cryptocurrencies are trading lower after hackers made off with an estimated $6.3 billion from an attack on the crypto exchange. Binance suspended transactions and said users will be made whole.Meanwhile, oil is up after more strikes in the Middle East and Russia. Brent crude climbed to about $113 after a tanker transiting the Strait of Hormuz came under attack, according to U.K. Maritime Trade Operations. Ukraine struck an oil refinery in Russia, ending a pause that the Trump administration had pushed for.Write to Ed Ballard at [email protected] item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).