The Nasdaq 100 fell more than 4% during trading on Friday, October 30, 2026, extending its decline for the month to more than 5.8% as investors weighed major technology companies’ spending on artificial intelligence.

Key Takeaways

  • More than $2 trillion in market value was estimated to have been lost from the index during October.
  • Amazon reported rapid cloud growth while maintaining a $220 billion capital spending forecast for 2026.

Nasdaq 100 extends October decline

The technology-heavy index was down nearly 6% for October at the time of the Friday report. The figures describe the decline during the month and Friday’s trading, not necessarily the final closing performance.

The fall followed earnings from major technology companies that highlighted the scale of investment in AI infrastructure. Investors have been considering whether returns from that spending will arrive quickly enough, although the available information does not establish a definitive cause for the index’s move.

Cloud growth and investment costs

Amazon’s third-quarter earnings release illustrates both the growth and spending involved. AWS sales rose 39% year over year to $46 billion, while Amazon continued to expect approximately $220 billion in cash capital expenditure for 2026.

For the 12 months through September, Amazon reported a $42.4 billion free cash flow outflow. It said the outflow was driven primarily by increased property and equipment purchases, which largely reflected AI investments.

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