Intel Drops More Than 23% as U.S. Tech Stocks Slide Premarket

A steep premarket slide in major technology stocks, led by Intel's loss of more than 23% and Amazon's decline of more than 7%, is putting broader risk appetite in focus for crypto traders Friday.

Intel shares came under pressure after the company issued fourth-quarter guidance well below market expectations. Other pressures included an explosion at an Israeli factory, weak PC demand and limited AI chip supply.

Amazon was down more than 7% after its third-quarter net sales totaled $201.9 billion, short of expectations. Earnings per share were $1.89, a 3% decrease from a year earlier.

The move extended into chip and storage shares: SK Hynix fell more than 6%, while SanDisk dropped more than 3% in premarket trading. Those declines put pressure across several parts of the technology sector, rather than in one company alone.

The simultaneous declines among technology, chip and storage names make the broad market's appetite for risk the key context for crypto traders as the U.S. session gets underway.