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The Week Ahead

Wall Street Sells AI Spenders and Lends to Them

Alphabet fell 12.64 percent, its steepest drop since its 2004 listing, and Amazon and Intel sank after hours; Microsoft sold its first U.S. high-grade bonds since 2017.

NEW YORK, Oct. 30 — Alphabet’s Class A shares fell 12.64 percent on Thursday, their steepest one-day fall since Google went public in 2004, by Yahoo Finance’s price history. Overnight the selling reached Amazon and Intel, which reported after the close, and the chip stocks of Seoul and Tokyo.

The lenders did not flinch. Microsoft sold $25 billion of notes on Thursday in its first U.S. investment-grade bond sale since 2017, and orders peaked at $115 billion, according to Bloomberg, which cited people familiar with the matter for the order book. Meta Platforms closed a $12.5 billion offering of mandatory convertible preferred shares the same day.

The two markets are pricing the same spending in different ways. Alphabet’s free cash flow was negative for a second straight quarter, $9.1 billion, and Amazon on Thursday reported an outflow of $42.4 billion over 12 months; concerns about Alphabet’s free cash flow and its return on AI were “the albatross around the company’s stock,” Yahoo Finance wrote. Lenders are still financing it: Amazon raised $48.1 billion of long-term debt in the third quarter alone. Not every spender was sold. Meta rose 1.96 percent, to $624.52, and Microsoft slipped 0.16 percent.

Thursday

The S&P 500 fell 0.30 percent, to 7,720.39, and the Dow 0.25 percent, to 52,342.56, while the Nasdaq composite lost 1.38 percent, to 26,184.72, and the PHLX Semiconductor index 1.42 percent, to 11,518.20. Alphabet’s Class A shares closed at $283.82, down $41.07; some 139 million changed hands, more than twice Wednesday’s 63 million, by Yahoo’s count.GOOGLNasdaq279.84▼3.98−1.4%Alphabet · Friday’s sessionThe RecordWriting when Alphabet was down about 13 percent in the morning, Yahoo Finance said nearly $500 billion of its market value was “on the line,” which would be the second-biggest one-day loss for a U.S.-listed company, after the roughly $593 billion Nvidia lost on Jan. 27, 2025.

Microsoft, which had traded about 1.7 percent above Wednesday’s close just before the open, ended at $530.14. At 7:33 a.m. it had filed a preliminary prospectus supplement with the amounts and rates left blank. That evening it announced the pricing of $25 billion of senior unsecured notes in ten tranches, maturing from 2028 to 2066, the fixed-rate notes carrying coupons of 4.85 to 6.35 percent; the offering is expected to close on Nov. 4. The money is for “general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt,” the announcement said. No final prospectus supplement had appeared on EDGAR by 5:52 a.m. Friday. Bloomberg reported, citing people familiar with the matter, that the notes due in 2066 priced at 1.05 percentage points over Treasuries; Alphabet’s 40-year bonds, which have lower ratings, carry a spread of about 1.33 points, by the Trace pricing data Bloomberg cited.

Software and suppliers fell with Alphabet. ServiceNow lost 26.95 percent, to $109.67, after forecasting on Wednesday that growth in its current remaining performance obligations would slow to 18.5 percent in the fourth quarter, from 20.5 percent in the third.cRPOServiceNow defines current remaining performance obligations as contract revenue that will be recognized in the next 12 months. It had $13.65 billion at Sept. 30. Its subscription revenue grew 21 percent in the quarter. Its outlook and Fortinet’s “further heightened AI jitters,” Yahoo Finance wrote.

Marvell Technology fell 13.24 percent, to $218.34, after Bloomberg reported, citing people familiar with the matter, that it was in advanced talks to buy Lumentum, a maker of optical parts; neither company had filed notice of a deal with the S.E.C. by early Friday. Caterpillar fell 9.25 percent, to $647.39, although sales of its power-generation business rose 30 percent, to $3.421 billion, “primarily in data center applications,” its release said. KLA, which said on Wednesday that it expects the wafer equipment market to “exceed $200 billion in calendar 2027,” rose 5.45 percent, to $167.43.

Treasury yields fell. The 10-year par yield closed at 4.98 percent, back below 5 percent from 5.05 on Wednesday, and the two-year at 4.61 percent, from 4.67, on a day when the Bureau of Economic Analysis reported growth at a 3.4 percent annual rate in the third quarter and prices, by the PCE index, up 3.6 percent in the year to September. The European Central Bank held its deposit rate at 2.50 percent and said Christine Lagarde, its president, would step down on Feb. 7, 2027; on Friday the Bank of Japan held its policy rate at around 1.25 percent, by a vote of 8 to 1.

Overnight

After the close Amazon, which reported $77.3 billion of purchases of property and equipment in the quarter, fell as much as 12.2 percent, to $214.01 at 4:03 p.m., and Intel, which forecast fourth-quarter revenue of $15 billion to $16 billion, touched $70.16 at 7:19 p.m., 23.8 percent below its close. In pre-market trading at 5:24 a.m. Friday, Amazon stood at $227.29, about 7 percent below Thursday’s close, and Intel at $68.39, about 26 percent below.

In Seoul on Friday the Kospi fell 3.48 percent, to 5,730.74, and SK hynix 7.08 percent in the regular session, to 1,418,000 won; in Tokyo the Nikkei 225 fell 2.12 percent, to 63,290.11, with Kioxia down 7.14 percent, Tokyo Electron 5.19 percent, Advantest 5.86 percent and SoftBank Group 5.96 percent. Samsung Electronics lost 3.02 percent and Taiwan’s Taiex 2.49 percent. Hong Kong’s Hang Seng rose 1.46 percent.

On Friday in Tokyo, as the market closed at 3:30 p.m., Tokyo Electron forecast record sales and profit for the year to March: net sales of 3.7 trillion yen, up 51.4 percent, and operating income of 1.169 trillion yen, up 87.1 percent. Its presentation puts spending on wafer-fab equipment at about $160 billion in calendar 2026 and “$210B+” in calendar 2027.The OutlookTokyo Electron dates its outlook “as of October 2026.” Its own fiscal year ends in March.

Nasdaq-100 futures were down about 2 percent at 5:14 a.m., and S&P 500 futures about 0.9 percent, by Yahoo’s figures.

Next Week

U.S. clocks go back an hour at 2 a.m. on Sunday. Apple holds its call on Monday, Nov. 2, at 5 p.m. Eastern; AMD reports on Tuesday, Nov. 3, Election Day, and Qualcomm and Arm on Wednesday, Nov. 4, each after the market closes. Nvidia reports on Nov. 17.

Sources

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