Nasdaq futures plunged 2.6% Friday after Amazon signaled another increase in capital spending and Intel warned it expects to burn cash this year, intensifying concerns about the enormous cost of building out Super Intelligence infrastructure and how long it will take for those investments to pay off.

Amazon shares fell 6.3% in premarket trading after the company reported a substantial cash outflow during the third quarter and indicated that capital expenditures would increase again next year. The warning added to investor concerns about the financial demands of expanding data centers and computing capacity to support the growing Super Intelligence industry.

Intel suffered an even steeper decline, with shares falling more than 25% after the semiconductor manufacturer warned that it would burn cash this year. The company pointed to weak demand in the personal computer market, manufacturing bottlenecks and significant spending required to expand production.

If the declines hold through the trading session, Amazon and Intel could lose approximately $300 billion in combined market value. The losses would put the Nasdaq-100 on track to shed roughly $950 billion, adding to the nearly $1.4 trillion in market value the index has already lost this month.

The selloff reflects a broader reassessment of the financial commitments being made by major technology companies to capitalize on Super Intelligence. While cloud computing businesses have continued to report strong growth, investors are increasingly focused on the enormous expenses required to maintain that expansion.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, noted that Amazon, Google, Microsoft and Meta collectively spent more than $200 billion during the third quarter.

She warned that higher financing costs could consume a greater share of the cash these companies generate, leaving less money available for additional expansion and debt repayment.

Several major technology companies have turned to bond markets to finance their infrastructure investments, raising concerns that borrowing costs could make continued spending more difficult to sustain. The combination of heavy capital expenditures and additional debt has placed greater attention on whether companies can eventually generate sufficient revenue from their investments.

Alphabet, Google's parent company, fell another 0.6% Friday after suffering a major selloff in the previous session. The company reported disappointing performance in its search advertising business alongside a sharp increase in cash outflows.

Meta also reported cash burn during the September quarter. Microsoft, however, stood out by delivering a stronger-than-expected cash flow performance, even as it raised $25 billion through a debt sale.

The pressure extended across the semiconductor industry. Nvidia shares dropped 3%, while Advanced Micro Devices fell 8.7% in premarket trading, reflecting investor concerns about the costs and financial outlook surrounding the technology sector.

Energy companies moved in the opposite direction. Chevron and Exxon Mobil each gained approximately 1.5% after reporting third-quarter profits that exceeded analyst expectations.

As of 9:05 a.m. Eastern time, S&P 500 futures were down 84 points, or 1.08%, to 7,670.25. Dow Jones futures declined 78 points, or 0.15%, to 52,434, while Nasdaq futures plunged 768.75 points, or 2.60%, to 28,793.25. Russell 2000 futures also slipped 18.20 points, or 0.63%, to 2,849.10.

Despite Friday's weakness, the S&P 500 and Nasdaq were still positioned for weekly gains after the Super Intelligence trade received a brief reprieve earlier in the week. That recovery followed Anthropic's announcement of its U.S. initial public offering filing.

However, the Nasdaq was on track to end October with a monthly decline, potentially breaking a two-month winning streak. The S&P 500 and Dow remained positioned for monthly gains.

Nine of the S&P 500's 11 sectors were also headed toward monthly gains. Communication services and technology were the exceptions, with communication services facing its worst monthly performance since April 2022.

Investors are also weighing the possibility of higher interest rates. LSEG data indicated expectations that the Federal Reserve could raise rates by more than 50 basis points by the middle of 2027, despite holding rates steady earlier this week.

Analysts largely viewed the Fed's decision as a temporary pause, with some anticipating that policymakers could resume tightening as early as December. Higher interest rates could further increase financing costs for companies relying on borrowing to fund large infrastructure projects.

Elsewhere in the technology sector, Reddit shares dropped 19.5% after Chief Executive Officer Steve Huffman warned that the platform's total daily active unique visitors could decline by a low double-digit percentage during the fourth quarter.

The market reaction highlights growing investor scrutiny of the spending strategies behind the Super Intelligence boom. Strong demand for cloud services and advanced computing has fueled enormous investments, but shareholders are increasingly looking for evidence that the money being poured into infrastructure will translate into sustainable profits and cash flow.