Meta Platforms Inc. (NASDAQ:META) led a broad tech sell-off Thursday after the Facebook parent raised its artificial intelligence spending plan, reviving worries about how the AI buildout will be funded and pushing investors toward Treasurys and defensive stocks.
Meta beat third-quarter revenue estimates and guided higher, but lifted the low end of its 2026 capital expenditure forecast to $135 billion, from $130 billion. 1% to $655.
The drop wiped out about $108 billion of Meta’s market value by midday. Read Also: Meta Just Burned Cash for the First Time Since Its IPO Year: Wall Street Raised Its Targets Anyway Analysts were split.
” Scotiabank kept a $650 target, below the current price. The funding worry spread after NVIDIA Corp (NASDAQ:NVDA) CEO Jensen Huang told CNBC that scarce capital is holding back neocloud providers.
CoreWeave Inc. 3%.
Chipmakers fell hardest. Lam Research Corp.
7%, Advanced Micro Devices Inc. 7%, Micron Technology Inc.
6%. 8%.
Read Also: CoreWeave Bonds Stop Bleeding After SpaceX Results, But Investors Still Demand 3x Treasury Yields Bonds rallied as investors sought safety. 99%, on track for its largest one-day drop since Aug.
1, 2025, and its first close below 5% since Sept. 22.
32%. 2% decline.
Oil moved the other way. -Israeli plans for renewed strikes after Election Day.
30 an ounce, a more-than-two-month low, as oil-driven inflation worries weighed, Reuters reported. 9% to $81,561.
The S&P 500 fell 1%, or 81 points, to 7,676. The Dow Jones Industrial Average was little changed at 52,859, as gains in Procter & Gamble Co.
(NYSE:PG) and Johnson & Johnson (NYSE:JNJ) offset losses in Caterpillar Inc. com Inc.
(NASDAQ:AMZN) and Nvidia. 3%, or 689 points, to 29,133, with Meta the worst Magnificent Seven stock.
43. m.
ET According to the Benzinga Pro platform: The Vanguard S&P 500 ETF (NYSE:VOO) fell 1%. 1%.
1%. The iShares Russell 2000 ETF (NYSE:IWM) was little changed.
00. 6%, led by Johnson & Johnson, as investors rotated into defensives.
7%, on the chip sell-off. 8%.
40%. S.
8%. Lennar Corp.
2%, and PulteGroup Inc. 7% despite an earnings miss.
4% with bullion. See More: Top Momentum Stocks Among Russell 1000 gainers, Pool Corp.
40 topped estimates. 08 at the midpoint.
A. 8% as paying subscribers reached 306 million and ad revenue growth accelerated.
Roper Technologies Inc. 40.
Zillow Group Inc. 6% with homebuilders as mortgage rates eased.
On the downside, TTM Technologies Inc. 44 billion fell short of consensus at the midpoint, despite a third-quarter beat.
Forgent Power Solutions Inc. 2% below its $27 IPO price after CFO Ryan Fiedler said he would step down.
Carpenter Technology Corp. 2 million rose less than expected.
Graco Inc. 3% after missing third-quarter estimates and guiding fourth-quarter revenue below forecasts.
Viavi Solutions Inc. 7%, falling with other optical networking stocks as AI hardware names sold off.
Looking ahead, Newmont Corp. (NYSE:NEM), Western Digital Corp.
(NASDAQ:WDC) and Deckers Outdoor Corp. 79, respectively.
