Business
US tech stocks tumble as investors question AI spending
October 23, 2026 at 04:25 AM
The Nasdaq fell 2.6% on Thursday as investors questioned the scale of tech companies' AI investments, dragging global markets lower.
- The Nasdaq Composite fell 2.6% on Thursday, its steepest drop since June, while the S&P 500 slid 1.21%.
- Meta dropped nearly 7% after raising its projected capital spending for the year to $135–145bn while net profit fell short of expectations.
- Nvidia fell 4.4%, Amazon 4.6%, Tesla and Alphabet 3.1%, and Microsoft 2.2%, while Apple rose 1.2%.
- Asian markets opened lower on Friday, and Brent crude rose above $114 a barrel, its highest since May.