The Nasdaq 100 fell 6.7% in October, its worst monthly performance since March 2025, as investors questioned whether AI infrastructure spending will produce sufficient returns, BlockBeats reported, citing Bloomberg.
Cash-flow pressure
Amazon, Meta and Alphabet all recorded free-cash-flow deficits in the quarter, with Amazon’s deficit approaching $35 billion. Microsoft reported positive free cash flow of $18.6 billion and Azure growth above expectations, but its stock still fell 1.6% on Friday.
Big Tech repricing
Alphabet fell 13% on Thursday, its worst single-day performance, and reported negative free cash flow for a second consecutive quarter. Meta’s shares have fallen 12% since its October 21 earnings report, while the companies’ future spending commitments continued to rise.
Investors demand proof
Fifth Third Wealth Advisors CIO Chris Osmond said investors were rewarding companies that convert spending into revenue and returns while penalizing those that have yet to do so. Ameriprise strategist Anthony Saglimbene said the shift toward asset-heavy businesses requires different ways to assess cash flow and growth.
The figures and market views are attributed by BlockBeats to Bloomberg and the named analysts. Source: BlockBeats English flash, published October 31, 2026.