AI stocks plunge as gloomy earnings spook investors

• The global tech sell-off deepened on Friday after disappointing earnings revived fears over the pace and scale of AI spending. • The Nasdaq fell 2.2 per cent at the open after a $500bn rout in Alphabet shares, with Intel plunging more than 28 per cent on a gloomy forecast. • Around $3 trillion has been wiped off the tech-heavy index since its 6 October peak, while the FTSE 100 was hailed an "island of tranquillity", edging up 0.3 per cent.