US Market Crash: Nasdaq 100 Plunges 3.5% As AI Spending Fears, Weak Tech Results And Oil Prices Rattle Wall Street

Wall Street ended the week sharply lower on Friday, 30 October 2026. Technology shares fell steeply. This raised concerns that expectations for growth driven by artificial intelligence (AI) may have become too high.

The broader market also came under pressure from factors beyond the technology sector. Investors were worried about surging oil prices.

A broad market rout rattled US equities, dragging major indices down by more than 1%. The Nasdaq 100 endured an especially sharp retreat. It sank 3.5%, its biggest single decline since June 2026. The indice has declined more than 5.8% so far in October, losing over $2 trillion in market value. The S&P 500 fell 1.8% and moved below its 100-day moving average.

Disappointing results from technology companies triggered the sell-off. Intel Corp. also recorded its steepest decline in more than 40 years.

AI Investment Concerns Put Tech Valuations Under Pressure

Concerns extended beyond quarterly earnings. A report indicated that S&P Global Ratings had taken preliminary steps towards a possible downgrade of Meta Platforms’ credit rating over the next two years. The pressure was linked to the company’s rising AI-related expenditure and its impact on the balance sheet.

Another report highlighted signs of slowing activity in the advertising, consumer and retail businesses that support the technology sector’s combined AI spending of US$750 billion this year. This added to questions about whether demand across these businesses could sustain the investment cycle.

Meanwhile, Apple Inc. overtook Nvidia Corp. to become the world’s most valuable company. Investors appeared to favour the relative safety of the iPhone maker amid concerns about AI investments.

Oil Prices And Crypto Security Add To Market Anxiety

Brent crude remained above US$115 per barrel, adding to concerns amid speculation that the US could resume military action against Iran.

Cryptocurrency markets also experienced a wave of selling after Binance disclosed a record hack. The development renewed concerns about the safety of customer assets. US Treasury securities remained relatively stable during Friday’s session, although they had recorded a strong month overall.

Together, these developments added to investor caution as Wall Street closed the week.

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