Nasdaq Bloodbath: $1.7T Wiped, INTC -29%, RDDT -29%
The Nasdaq 100 had its worst day since June, with Intel posting its worst single-day drop in 50 years and Reddit hitting an all-time worst day. Over $1.7 trillion in market cap was erased.
What we know
An account on X reported $1.7T wiped from US markets. Several accounts on X detailed the carnage: INTC -28.6% (worst since 1974) on weak guidance, RDDT -29.2% (worst ever) on soft Q4 and declining Google referrals, AMD -10.9%, QCOM -11.1%. Jim Cramer called it 'Stock-pocalypse' just hours after recommending Intel — another account on X. Another account on X described personally going from +30% YTD to -2% this week. Another account on X noted markets now price a 75% chance of another Fed rate hike in December, with QQQ short interest at its highest since March 2023 — another account on X.
How the story developed
The Nasdaq 100 had its worst day since June, with Intel posting its worst single-day drop in 50 years and Reddit hitting an all-time worst day. Over $1.7 trillion in market cap was erased.
A brutal night of earnings has wiped over $1.2T in Nasdaq 100 market cap this month. Intel crashed 25% on a severe PC market correction, Amazon fell 7.3% on underwhelming AWS growth, and all Mag7 names are lower premarket.
Intel stock crashed -27% on earnings, its worst single session in 50 years, wiping ~$400B in market cap as BofA downgraded the stock citing foundry weakness and a sharp drop in PC shipments.
Amazon fell 13% after-hours erasing $315B in market cap despite AWS and operating income beats, hit by an EPS miss and a Q4 guide that disappointed on sales. Intel crashed 13–20% on a dismal Q4 guide (revenue $15–16B vs $17.05B est., EPS $0.25 vs $0.43 est.) and a warning that the PC market will decline into H2 2027.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.