What's fuelling the Nasdaq crash? AI spending fears, Intel rout and Anthropic debt concerns drive selloff

The Nasdaq sold off sharply, with the decline attributed to concerns over AI-related capital spending, a rout in Intel shares, and worries about debt tied to Anthropic. The transmission runs through risk appetite and capital allocation: when investors question whether hyperscale and AI infrastructure outlays will generate sufficient returns, the valuation premium on high-multiple growth names compresses, and the index's heavy weighting in mega-cap technology magnifies the effect on NDX. Intel's slide points to a separate channel, a fundamental repricing of semiconductor franchise economics that weighs on the broader chip complex and on sentiment toward capex-intensive technology. Assets most exposed include NDX and semiconductor-linked equities, where concentrated AI exposure leaves limited diversification, while private-credit and debt-funded AI lab exposure is sensitive to any tightening in financing conditions. Traders should watch the next Nvidia and hyperscaler capex guidance updates and upcoming credit spread movements in AI-linked issuers for confirmation of whether the selloff reflects a durable reassessment of AI spending.

The Nasdaq-100 (NDX) is the US large-cap tech benchmark. NDX is more sensitive to rate decisions than SPX because of longer-duration cash flows, and heavily concentrated in Tech/Comms names — mega-cap earnings season dominates price action.

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