Intel, Reddit and other tech stocks see single-day drops of more than 30%
As of the U.S. stock trading session on October 30, several tech and growth stocks saw sharp single-day declines. Intel shares fell about 30.5% to 31% from the previous day's closing price of $92.07, trading in the roughly $63.5-$64 range; Reddit fell about 29.5% to 30% from the previous close of about $129.60; Roblox fell about 19% to 20%; Illumina fell about 18.5% to 19.5%; SanDisk fell about 14.5% to 15%; Arm fell about 11% to 12.7%; and Dell fell about 12% to 12.5%. Over the same period, the Nasdaq Composite Index fell about 3.2% to 3.4% from the previous close of 26,184.72 points.
Intel's decline was mainly dragged down by its fourth-quarter revenue guidance. The company expects fourth-quarter revenue of $15 billion to $16 billion, below market expectations of about $17.07 billion to $17.1 billion; adjusted earnings per share guidance is about $0.25, below expectations of about $0.43. The company said weak PC market demand continues, mainly affected by rising memory prices and supply tightness, and expects the slowdown to last at least through the first half of next year; data center and AI-related businesses are performing more strongly. Reddit's third-quarter revenue rose 53% year over year to $895 million, above expectations, but its fourth-quarter revenue guidance is $1 billion to $1.03 billion, below market expectations of about $1.05 billion, and it plans to test restricting access for logged-out users. Roblox's fourth-quarter bookings guidance implies a year-over-year decline of 10% to 15%, to a range of $1.89 billion to $2 billion.
The declines in the other stocks were related to the overall sentiment in the tech sector, including concerns about the return on AI spending triggered by earnings reports from companies such as Alphabet, as well as linked declines in chip- and memory-related sectors. The above prices and declines are based on quotes from the latter part of the trading session, and final closing data may change.
Original sources:
Title: Stock Market Today: Deepening Tech Selloff Pushes Nasdaq Toward Its Worst Month in Over a Year Publisher: The Wall Street Journal Publication date: 2026-10-30 URL: https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-10-30-2026 Source type: media report Verification status: Relevant passages read for this article, verification date 2026-10-30 Supporting content: Nasdaq fell about 3%, Intel fell about 30% due to PC-related guidance
ABAB AI Insight
Intel's current CEO, Lip-Bu Tan, took office in 2025, after the company went through years of lagging process technology and market share losses. This earnings report showed that data center and AI-related revenue rose about 78% year over year to $7.3 billion, but the client computing business remained weak as PC shipments were squeezed by memory costs, with related revenue in the third quarter down 5% to $8.1 billion. The company explicitly attributed the PC slowdown to memory prices and supply rather than a simple disappearance of demand, and expects the pressure to last through the first half of 2027. This stands in contrast to Intel's capital expenditures and capacity tilt toward AI server CPUs in 2024-2025: more resources flowed to the data center, while the consumer side was hit directly by upstream component price transmission.
On the capital path, Intel has in recent years repeatedly advanced process catch-up and foundry transformation through equity financing and capacity investment, but the cut in guidance directly reduced market expectations for its short-term cash flow and gross margin. For Reddit, CEO Steve Huffman said that referral traffic from Google Search has declined because of features such as AI Overviews, and the company is shifting its focus to logged-in users and in-app traffic, while planning to restrict access for logged-out users to improve engagement and ad value. This adjustment is directly related to changes in the search entry point, rather than a simple slowdown in user growth.
Comparable cases can be seen in the share-price reactions of some semiconductor companies during the 2022-2023 consumer electronics downcycle. At that time, declining PC and smartphone shipments led many companies to cut guidance and experience single-day drops of more than 20%, but companies with relatively stable data center demand recovered valuations more quickly afterward. The difference this time is that rising memory costs are simultaneously pressuring PC demand and supporting previously high valuations for memory-related companies, causing storage stocks such as SanDisk to fall with the sector even though their own fundamentals have not clearly deteriorated.
This decline has changed the short-term pricing basis for these companies: Intel's PC business revenue expectations have been lowered, and whether data center growth can fully offset that remains to be verified in later quarters; Reddit's user acquisition costs and search dependence have been repriced, with logged-in conversion rates becoming a key metric to watch; and the broader tech sector's sensitivity to a single quarter's guidance and upstream costs has increased, leading capital to re-evaluate allocation from high-valuation growth stocks toward the more certain data center and infrastructure segments.
ABAB News · Cognitive laws
When memory costs squeeze the PC side, data center growth does not automatically hedge the consumer-side revenue gap.
After search entry points are rewritten by AI, platforms relying on logged-out traffic must trade logged-in conversion for higher unit value.
A downward revision to a single quarter's guidance can trigger a single-day drop of more than 20% in high-valuation tech stocks; upstream cost pass-through is the direct mechanism.