[FLASH] Meta falls 7% after non-voting share plan to fund AI; Nasdaq drops 2.6%, chip index 6.7%
Reuters reported Meta's steepest one-day fall since July on Oct 22. The drop came a day after Meta announced non-voting Class C shares to help fund AI and raised the low end of its spending forecast to $135B. Q3 free cash flow was -$2.12B, Meta's first cash burn in over a decade, and Meta's CDS hit a record. Elsewhere on the tape, Reuters cited Nvidia -4%, CoreWeave -10%, Nebius -7%, Lam Research -12% after results and the SOX -6.7%; SiliconANGLE (Oct 23) described AI stocks being knocked 'way down' on spending worries. What to watch, per SiliconANGLE: Amazon, Alphabet, Microsoft and Intel report next week, a read-through on whether equity issuance becomes the funding route for AI buildouts.