AI Bubble Jitters: Tech Stock Selloff Hits Intel Hardest, Nvidia and AMD Slide

A wave of weak earnings reports has set off a broad selloff in AI-linked tech stocks. Intel took the worst beating with a drop of more than 30 percent, while Nvidia, AMD, Alphabet, Micron and SK Hynix all lost ground, and the Nasdaq-100 has fallen 10 percent since Oct. 6. Investors are now openly asking whether the AI boom has outrun its revenue.

Intel falls the furthest

Several tech companies posted subpar quarterly results, and some pointed to AI as a drag on their own revenue streams. That combination triggered the selloff. Intel is the clearest casualty: its shares are down by over 30 percent, putting the chipmaker on track to dip below the level of its 1971 IPO.

Almost every company tied to AI, large or small, has taken a hit in the past few weeks.

Alphabet, Nvidia and AMD

Alphabet dropped 12.49 percent over the last five days after an earnings report that reportedly suggested AI Overviews are eating into its core revenue stream. The stock now trades below its October 2025 level and is down 27 percent compared to six months ago.

Nvidia's share price fell by almost 20 dollars, roughly 10 percent, in five days, though it has since recovered a little. AMD, its main rival in the GPU market, lost 10 percent of its value in a single day.

Memory makers feel it too

DRAM suppliers, which are central to the current AI buildout, were not spared. Micron lost 5.5 percent of its stock value on Oct. 30, and SK Hynix fell around eight percent. Shareholders across the sector have been selling, which pushes prices down further. China's stock market is also seeing a sharp dip, again concentrated in AI-focused companies.

What is driving it

It is unclear whether the slide is a natural correction or something more deliberate, such as a coordinated short or market manipulation meant to push down the biggest names so large investors can buy the dip. Nobody has confirmed either theory.

What is visible is how the money moves. Trillions of dollars circulate among Nvidia, AMD, memory producers, data center builders and cloud and AI companies such as OpenAI and Anthropic, with heavy losses along the way. Much of that spending is funded by the same companies that sell to each other, which makes the whole structure sensitive when any one link reports weaker numbers.

AI branding has also spread well beyond tech: printers, agriculture, even utilities and municipal services are now pitching themselves as AI companies, and some are heading toward multibillion-dollar IPOs. That kind of enthusiasm often marks the late stage of a trend, and this week's numbers suggest the market is starting to price that in.

For gamers, the selloff matters because the same companies sit behind graphics cards, console chips and the DRAM supply that has already been squeezed by data center demand. Sustained pressure on Nvidia, AMD, Intel, Micron and SK Hynix could change how those firms plan production and pricing, though none of them has announced anything of the sort yet.