Heavyweight tech stocks plummet as AI cash burn spooks investors

European ‌shares dropped on Friday, hammered by a global tech sell-off that shaved billions of dollars off the market values of some chip heavyweights, ending ​a largely strong month on a sour note.Results from Amazon and Intel in the US rekindled concerns about the high costs of building out artificial intelligence (AI) infrastructure and ​it prompted a pullback from technology names worldwide.DublinThe Irish index ended Friday on a low note, losing just under 1 per cent over the day as banking shares and construction stocks dragged the market lower. But the Euronext Dublin closed the week up 1.1 per cent. READ MOREAIB lost 2.2 per cent on Friday, while Bank of Ireland was down 2.6 per cent, mirroring weakness seen in financial stocks in other European markets. Construction stocks also had a poor showing, with insulation specialist Kingspan down 1.7 per cent and home builders Glenveagh and Cairn also off the pace. Ryanair ended the week at €22.90, a 0.3 per cent decline on the day but a 0.4 per cent gain over the week. Food group Kerry put on 1.9 per cent, while Glanbia was 2.9 per cent higher on the day. LondonThe ​blue-chip FTSE 100 index ended about 0.1 per cent higher at 10,729.78 points, rising over 1 per cent in October. The midcap FTSE 250 slipped nearly 1 per cent on the day.AstraZeneca jumped 7 per cent in its best day in a year after the ⁠Anglo-Swedish drugmaker announced a restructuring drive. ​Banks weighed most on the ​index on Friday after NatWest lost nearly 9 per cent following a weaker-than-expected outlook for ‌interest income.Precious and industrial metal ​miners lost 5.3 per cent and 2.9 per cent, respectively, tracking declines in gold and ⁠copper.BP rose 0.5 per cent ⁠after posting ​a record quarterly net profit.Consumer staples stocks rose on the day, with British American Tobacco and Unilever up 1.7 per cent and 2.1 per cent respectively.EuropeThe pan-European STOXX 600 index closed 0.36 per cent lower at 646.75 points, despite recording its best month since June.The European technology sector index fell 2.75 per cent for its ‌worst ‌day ​since July 7th and led sectoral declines. AT&S, Soitec and Technoprobe led losses on the Stoxx 600, with declines ranging from 9 per cent to 13 per cent.Universal Music ‌Group jumped 7.89 per cent, topping the Stoxx ⁠600, after posting a pickup in subscription streaming revenue in the third quarter. BP rose marginally after posting third-quarter net income ahead of expectations, while German sportswear ‌maker Puma advanced 5.59 per cent after a quarterly sales beat.Sanofi gained 4.71 per cent after the French pharmaceutical firm reported third-quarter results ahead of analyst expectations ​and lifted its outlook.Among other movers, Bayer gained 5.46 per cent after winning a ​trial on Thursday over claims by three women that its Roundup weedkiller caused their cancer.New YorkBy the close of trading in Europe, the tech-heavy Nasdaq 100 index had fallen 3.5 per cent, on track for its worst month since March 2025, while the S&P 500 slipped 1.8 per cent.Amazon shares slumped 2.1 per cent, as the company’s AI spending plans and lagging ecommerce business overshadowed solid growth in cloud sales in the eyes of investors after it reported earnings on Thursday. Meanwhile, Intel was eyeing its worst one-day drop on record after the chipmaker reported a revenue forecast that missed analysts’ estimates, hurt by sputtering demand for PC processors and supply-chain problems with its lucrative data-centre components. Shares fell 30 per cent.Intel’s rivals Advanced Micro Devices and Nvidia were down 12 per cent and 4.6 per cent respectively.Outside of tech, ExxonMobil Holdings reported earnings before the bell on Friday that surpassed expectations on the strength of surging gasoline and diesel prices that pushed refining results to an all-time high. The shares gained 1.8 per cent. Chevron also beat expectations, sending shares up 1.6 per cent. – Additional reporting by Reuters