Meta's Capex Hike and Lam's Warning Pressure Tech Stocks; Netflix Disappoints
Nasdaq fell 2.6% on doubts about returns from AI spending, Meta lost 7% after lifting its capex range, according to a Stocktwits weekly roundup.
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what happened
Technology shares sold off sharply on Thursday amid renewed worries that massive AI investments may not generate enough returns. The Nasdaq dropped 2.6%, its steepest daily decline since June, while the S&P 500 fell 1.2%. Meta slid 7%, Nvidia lost 4% and SpaceX (SPCX) fell about 9%, according to Stocktwits.
The main trigger was Meta's forecast: it raised the lower end of its capex range by $5 billion, to $135 billion to $145 billion. Investors were also unsettled by plans for a new share structure. Western Digital and Lam Research beat expectations, yet their stocks declined as traders moved out of AI-linked names. Netflix disappointed with its fourth-quarter profit outlook and cut its full-year advertising forecast.
why it matters
For markets, the selloff signals that tech valuations now hinge not only on revenue growth but also on whether spending on data centers and AI pays off. This reaction could weigh on the Nasdaq and S&P 500 and on any company expanding its infrastructure budget.
market impact
Tech sector and Nasdaq: doubts about AI spending returns pressure large-cap shares
instruments
sources
- Stocktwits AI Roundup: Meta’s Capex, Lam’s Supply Warning Hit Tech Stocks As Netflix Disappoints — Stocktwits, 23 October 2026 at 06:01 UTC
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