Nasdaq falls more than 2% as Meta drops on AI spending worries
The Nasdaq fell more than 2% Thursday and the S&P 500 fell more than 1%, as worries about AI spending hit tech and chip stocks. Meta shares fell about 7% even though it beat revenue forecasts with a record $64 billion and announced what amounts to a two-for-one stock split. Rising oil prices added to the pressure.
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Why it matters
Tech and chip stocks make up a large part of many index funds and retirement accounts, so Thursday's drop shows up in those balances. Reuters reports rising oil prices from Houthi strikes added to inflation worries.
Sources
- Yahoo Finance: S&P 500, Nasdaq tank as tech stocks sink, Meta shares plummet
- Reuters via GV Wire: Wall Street sinks as Nasdaq falls over 2% on AI cost worries
- Yahoo Finance via AOL: Meta stock drops despite strong Q3 results, stock split
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