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US technology stocks fell sharply for a second consecutive day as investors questioned whether enormous artificial-intelligence spending will produce sufficient returns. The Nasdaq dropped more than 3.5%, while Intel shares fell as much as 30%, putting the chipmaker on track to lose more than $130bn in market value. Reddit fell 26%, Roblox nearly 20%, and Amazon was down about 1.6% in Friday trading after recovering from a steeper overnight decline. Alphabet had lost more than $500bn in market value on Thursday after saying its AI-generated search summaries were affecting core search-advertising revenue. The company expects to spend up to $205bn this year, almost entirely on AI-related investments. Amazon has committed $220bn this year for areas including AI data centres, network equipment and servers. Meta, Alphabet, Oracle, Amazon and Microsoft have collectively committed $800.6bn of spending in 2026. Intel forecast lower-than-expected fourth-quarter revenue, said it does not expect cash inflows to exceed spending this year, and cited a PC slowdown expected to continue through at least the first half of next year. Analysts and investors have raised concerns that AI infrastructure and software costs could outstrip anticipated revenue, although major technology stocks remain above year-earlier levels in many cases.