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Amazon and Intel reported worse-than-expected figures, adding to a run of underwhelming Big Tech results that have weighed on markets. Amazon’s $200 billion in third-quarter revenues were not enough to reassure investors, who have grown wary of the AI trade as surging debt and financing costs outpace revenues and push firms into negative cash flows. Intel’s fourth-quarter sales projections also disappointed markets, pushing its stock down 20% in after-hours trading. AI investment recently became the single-biggest spending spree in American history, despite rising opposition to the technology and the data centers it relies on. The market is “scratching its head — how does all this pay off?” an investor told Bloomberg.
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