Tech stocks plunged on Friday morning, setting the Nasdaq on course for a $1 trillion drop when the opening bell rings at 9:30 ET. 

Amazon, which fell 7%, is among the companies leading the declines, as well as Intel, which fell 26%, NBC News reported. 

While revenue climbed 21% from $13.7 billion a year earlier, Intel's client computing and physical AI group fell 5% from the same quarter a year ago to $8.1 billion, missing estimates, even though its data center and AI revenue increased 78% to $7.3 billion, CNBC reported. 

Futures that track the broader S&P 500 also dropped by 1.1%, according to NBC. 

Big tech companies have raised and spent hundreds of billions of dollars to build massive AI data centers and develop AI models. Investors are becoming increasingly concerned as they search for clear signals that investments are producing returns.