Intel falls nearly 8% as tech selloff hits chips, Cramer says

According to CNBC, Intel closed down nearly 8% on Friday after a broad technology selloff that also hit Advanced Micro Devices and Alphabet. Jim Cramer said the move reflected growing investor resistance to heavy AI spending, while noting that Intel stock traded up more than 10% in Thursday after-hours trading after its latest results. He said Nvidia remains strong and expected the company to deliver a solid quarter, but added that the market is increasingly focusing on returns from spending rather than the spending itself. Cramer also said Apple is having its best month in three years and argued that the company benefited by not spending hundreds of billions on AI. He pointed to upcoming earnings from Amazon, Meta Platforms, Microsoft and Apple this week.