According to CoinMeta, and as reported by Bloomberg, the financial reports of tech giants failed to alleviate investors' concerns about the return on investment in AI infrastructure. The Nasdaq 100 index fell by 6.7% in October, recording its worst monthly performance since March 2025. Amazon, Meta, and Alphabet experienced free cash flow deficits this quarter, with Amazon's deficit approaching $35 billion, while Microsoft had a positive free cash flow of $18.6 billion. Alphabet has had negative free cash flow for two consecutive quarters, and Meta has raised its future spending commitments to $825 billion, with Alphabet having future spending obligations exceeding $1 trillion. The stock prices of ServiceNow, Twilio, and Fortinet declined due to performance forecasts that fell short of expectations, and investors are worried that products such as Anthropic and OpenAI will erode the profit margins of software companies.