Refinitiv reported that after Thursday’s US close Amazon and Intel results
intensified concern about the cost of the AI build-out. Amazon fell about 7%
after-hours and Intel dropped about 18%. Selling spread to AI cloud providers,
with CoreWeave, Nebius and Iren each off roughly 6–7% after-hours. Heavy
data‑centre capex is turning formerly low‑debt firms into major borrowers:
Alphabet and Meta recorded net cash outflows in the September quarter, while
Microsoft—so far the only large tech not burning cash—launched a $25bn bond
offering on Thursday. Large techs may sustain these outlays, but investors are
increasingly cautious toward smaller AI cloud companies that have taken on
substantial debt to meet backlog.
