In short:
Wall Street has suffered its biggest drop since June.
asserted
Street → suffer → June
A sell-off for tech stocks deepened after worries Wall Street's frenzy over AI technology sent prices too high.
asserted
frenzy → deepen → prices
Intel's stock plunged 28.6 per cent for its worst drop since 1974.
asserted
stock → plunge → 1974
The S&P 500 tumbled 1.8 per cent for its worst day since June, as it closed out a third-straight losing week.
asserted
it → tumble → week
The weakness for technology stocks dragged the Nasdaq composite down a market-leading 2.9 per cent, while the Dow Jones Industrial Average dropped 572 points, or 1.1 per cent.
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Average → drag → points
The US stock market remains only 3.1 per cent below its all-time high, but it has become increasingly shaky as Tuesday's midterm elections approach.
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elections → remain → high
Worries about AI in general have already become a concern for voters across political parties, and President Donald Trump has historically used the stock market's performance as a measure of his own success.
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Trump → become → success
Intel's stock led the way lower and plunged 28.6 per cent for its worst drop since 1974.
asserted
stock → lead → 1974
The chipmaker gave a forecast for profit in the final three months of this year that fell short of analysts' expectations, as CEO Lip-Bu Tan said the personal-computer industry continued to feel pressure.
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industry → give → pressure
The drop came even though Intel reported a stronger profit for the latest quarter than analysts expected.
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analysts → come → quarter
Amazon fell 1.4 per cent after reporting a weaker profit for the summer than analysts expected.
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analysts → fall → summer
Potentially more concerning for investors was Amazon's reporting that it burned through $US42.4 billion ($60.3 billion) of cash over the prior 12 months, according to a measure called free cash flow.
uncertain
it → burn → measure
It spent $US94.8 billion ($134.8 billion) on property and equipment, primarily through investments in artificial-intelligence technology.
asserted
It → spend → technology
A day earlier, Alphabet's stock dropped more than 12 per cent to its worst day on record and dragged the S&P 500 down after telling investors it burned through more cash during the summer than the spring.
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it → drop → spring
The company behind Google and YouTube cited similar, mammoth investments in AI.
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company → cite → AI
Worries are rising about whether all the hundreds of billions of dollars will produce enough profit and productivity to make the investment worth it.
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investment → rise → profit
At the same time, stocks of computer chip companies and other winners from the frenzy to build AI data centres have come under pressure on concerns that high interest rates may slow the further build-out of data centres.
uncertain
rates → build → centres
"We're moving out of the hopes and dreams phase of the AI trade and into the 'show me' phase," said Joe Tigay, portfolio manager at Equity Armor Investments, in a note to investors.
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Tigay → move → investors
A drop of 4.2 per cent for Nvidia, the chip company that became the poster child of the AI frenzy, was the heaviest force pulling the S&P 500 downward, outweighing even Intel.
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that → become → Intel
In the cryptocurrency industry, meanwhile, stocks tumbled following a hack on the world's biggest crypto exchange.
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stocks → tumble → exchange
The price of bitcoin fell below $US77,000 ($109,500) from more than $US86,000 ($122,300) earlier this month, and a US-based blockchain intelligence firm said a North Korean unit was likely behind the attack that impacted more than $US6 billion ($8.5 billion) worth of crypto at Binance.
asserted
that → fall → Binance
Coinbase Global fell 10.6 per cent even though it reported stronger results for the latest quarter than analysts expected.
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analysts → fall → quarter
Strategy, which says it owns about 4 per cent of the total supply of bitcoin, fell 7.8 per cent.
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it → say → bitcoin
It also reported a stronger profit for the latest quarter than analysts expected, while saying its chief financial officer will resign next week for personal reasons.
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officer → report → reasons
Indexes were mixed in Europe following sharper swings in Asia.
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Indexes → follow → Asia
South Korea's Kospi dropped 3.5 per cent as worries about AI hit its tech-heavy market, while the Hang Seng in Hong Kong climbed 1.5 per cent.
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Seng → drop → Kong
Japan's Nikkei 225 fell 2.1 per cent after the Bank of Japan decided to keep interest rates steady, echoing moves made earlier in the week by the Federal Reserve and the European Central Bank.
AP
asserted
Bank → fall → Reserve
The Aporia
