Nasdaq loses over $2 trillion in October as AI race costs climb

The Nasdaq 100 fell over 7.2% in October, erasing more than $2 trillion in market value. Alphabet posted its worst trading day on record after weak search advertising results, Meta plans a $97.5 billion share buyback, and Microsoft plans to borrow around $25 billion. The index broke key support at 28,800–29,000 points and approached the technical correction threshold of 28,225 points.