Business · 2026-10-22 · Afternoon briefing
Nasdaq drops 2.1% on AI spending fears, oil price jump
US stocks tumbled on Thursday, with the tech-heavy Nasdaq Composite falling 2.1% and the S&P 500 shedding 1.3%. The slide was driven by concerns over capital spending in the artificial intelligence sector and a sharp rise in oil prices. Major tech firms led the decline; Advanced Micro Devices fell more than 5%, while Micron Technology and Nvidia dropped 2% and 1% respectively.
The tech sell-off followed comments from Nvidia’s CEO, Jensen Huang, who noted that while demand was 'off the charts,' scarce capital was impeding growth. Simultaneously, geopolitical tensions pushed Brent crude futures 3% higher to over $112.45 a barrel, following a report of potential US and Israeli strikes against Iran. The anxious market mood was captured by Meta Platforms, which slid 5% despite exceeding its revenue expectations and offering upbeat guidance.
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