Tech stocks fell as Alphabet and Intel reported mixed results, while AMD’s AI accelerator deal with Anthropic boosted sector optimism.
Alphabet (GOOG) and Intel (INTC) led declines in the tech sector after reporting earnings. Alphabet closed nearly 7% lower, while Intel erased earlier gains to finish the week down 8%. The Nasdaq Composite fell 0.6% on Friday amid a broader selloff.
The results contrasted with AMD’s announcement of a multi-billion-dollar deal to supply AI accelerators to Anthropic, including an investment of up to $5B. Super Micro’s 20% surge on higher projected gross margins also lifted sentiment for peers like Dell, HPE, and Nvidia.
Investors weighed mixed signals as earnings season continued, with AI-related stocks showing resilience despite broader weakness in large-cap tech.