ðŸ‡ðŸ‡° English, 22 October 2026, AI spending
US stocks fall as AI doubts ignite tech selloff
US stocks tumbled on Thursday, with the Nasdaq posting its steepest daily drop since early June.
The tech-laden Nasdaq, dragged down by microchips, suffered a steeper loss, falling 2.6 percent in the wake of a spate of high-profile AI-related earnings results.
Meta Platforms’ results beat analyst expectations, but its stock slid 7 percent as the Facebook parent posted its first cash outflow in more than a decade due to its AI-related expenditures.
Investors are starting to realise that there are some holes in the AI story, said Paul Nolte, senior wealth adviser & market strategist at Murphy & Sylvest in Elmhurst, Illinois.