The Nasdaq Composite tumbled on Friday, while the Dow Jones Industrial Average
 outperformed as traders moved out of key stocks related to artificial intelligence and into more defensive areas of the market.

The tech-heavy Nasdaq lost 2.2%, while the blue-chip Dow was down 155 points, or .3%. The S&P 500 slid 1.2%.

Amazon shares lost 5% after the company reported earnings and revenue for the third quarter that fell short of Wall Street’s expectations. The company also posted negative free cash flow of $42.4 billion and maintained its 2026 capital expenditures forecast for $220 billion.

Intel, meanwhile, slide 26% after issuing a weak outlook for the current quarter, pointing to a slowdown in PCs. Revenue in the company’s client computing and physical artificial intelligence group declined 5% from the year-ago quarter to $8.1 billion.

Sandisk was also down 9%, even as its fiscal first quarter results beat estimates. The data storage company announced an eight-for-one forward stock split.

Chipmakers more broadly were under ressure as well. Advanced Micro Devices dropped 10%, while others such as Nvidia and Broadcom fell 3% and 4%, respectively.

As investors rotated out of tech, defensive areas such as consumer staples and healthcare saw gains. Procter & Gamble
, Walmart and Coca-Cola each rose around 2%, supporting Dow futures. Fellow Dow members Johnson & Johnson and Merck added roughly 2%.

“With renewed fears over AI Monetization, the Equity rotation is likely to continue today but the broader indices will reflect Tech’s downside,” JPMorgan traders said in a Friday note.

The declines come as investors scrutinize the AI trade. On Thursday, Alphabet
 shares posted their worst day on record after the company missed on earnings and revenue in the third quarter and posted negative free cash flow of $9.07 billion. The Google-parent’s slide dragged the Nasdaq to a more than 1% loss in the regular session.

Friday marks the final trading day in October. The month has been rocky for the AI trade, with investors paying close attention to companies’ spending around the build-out. Hyperscalers Alphabet and Microsoft haven’t lifted their capital expenditures forecasts.

At the same time, neoclouds — the cloud-computing companies that are behind the infrastructure needed for AI datacenters — are facing investor scrutiny over their debt levels. CoreWeave
, which has seen a surge in its bond yields, is the poster child of that worry: Shares have cratered more than 36% in October. Nebius
 is heading for a 32% decline on the month.

The Roundhill Memory ETF (DRAM), which includes AI memory plays Micron and Seagate Technology, is off 14% in October, while the iShares A.I. Innovation and Tech Active ETF (BAI
) is down 10%.

As traders prepare to wrap up the month, the Nasdaq Composite is heading for a nearly 5% fall. The S&P 500 is on track for a 0.4% decline, while the Dow is on pace to rise more than 2%.