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US STOCKS-Wall Street closes sharply lower as AI cash burn fears spark tech selloff

News Snapshot:

US stocks tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5 following disappointing quarterly results from Intel and Amazon, which amplified growing worries surrounding AI-related companies' massive spending on the nascent technology. All three major US ?stock indexes slumped, with the Nasdaq sliding 2.9%. The tech-heavy index has dropped 7.8% from its all-time closing high reached on October 6.The tech rout was sparked by disappointing quarterly results from Intel and Amazon released late on Thursday. While Amazon pared losses as the session progressed, Intel shares plunged 28.6%. Chip stocks veered sharply lower, with Nvidia…

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