Tech stocks got crushed as the AI spending story suddenly looks shaky and investors rushed for the exits.

• Intel crashed 30% in a single day, its worst drop since the 1970s, wiping out billions of the government's stake in the company.
• The sell-off wasn't just chips — Amazon, Alphabet, software makers, and the broader AI trade all got hit on worries that massive AI spending (funded largely by debt) can't keep going forever.
• Crypto had its own disaster: a hack tied to Binance froze several billion dollars in funds, and Bitcoin tumbled along with it; Reddit stock also cratered after a weak outlook.
• Some analysts see forced selling (a big holder getting liquidated) rather than a broad panic, since money is still flowing into other parts of the market.
• Nervousness ahead of next week's U.S. midterms is adding to the chaos, with betting markets now leaning toward a Democratic sweep.

Outlook: Expect more volatility into the midterm election, with markets watching whether AI-related companies keep spending or start pulling back.