Shares of Meta Platforms sank 13% on Thursday, sparking a selloff in big technology stocks after the social media firm signaled its costly bet on AI could take years to pay off.
Shares of Meta Platforms sank 13% on Wall Street Thursday, sparking a selloff in big technology stocks after the social media firm signaled its costly bet on AI could take years to pay off.The drop was set to erase nearly $170 billion from the company's market value and triggered a fall of 3% to 4.2% in shares of AI-focused Microsoft and Alphabet, both of which report earnings after market close.
It also raised the top end of its capital expenditure view as it invests in data centers essential to its efforts to catch up with AI frontrunners OpenAI and Microsoft.The dour expectations follow a series of smash-hit earnings that helped Meta nearly triple its stock in 2023 and powered the biggest one-day market value gain by any company in Wall Street history, of $196 billion, in February after its maiden dividend.
Meta Platforms Meta Platforms Inc Artificial Intelligence Business And Industry News
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street closes higher as investors digest earnings, megacap outlookU.S. stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks.
Read more »
PH shares climb on easing ME tensions, Wall St. positive cuesDefining the News
Read more »
Stock market today (April 23, 2024): Asian stocks track Wall Street gains ahead of earnings reportsHONG KONG — Asian benchmarks extended gains Tuesday after U.S. stocks clawed back a chunk of their losses from last week, which was the worst for the S&P 500 in more than a year, while the yen weakened further to fresh 34-year lows. U.S.
Read more »
Bolero opens in BGC: Come for the cheesecake, stay for everything elseGF, Verve Tower 2, High street south, 26th 27th Street, Taguig, 0917 120 1228
Read more »
Meta profits soar but costs of AI cause worryFacebook-owner Meta on Wednesday said its quarterly profits soared last quarter, but worries about the cost of artificial intelligence saw its share price take a hit on Wall Street.
Read more »
Stock market today: Asian shares gain despite Wall Street’s tech-led retreat | Elaine Kurtenbach / The Associated Press📈 Stock Market Update 📉: Asian shares rose despite Wall Street's tech-led dip. The Nikkei 225 climbed 0.3%, Hang Seng gained 1.5%, and Kospi surged 1.8%. Oil prices edged up as Treasury yields eased. KnowMore about today's market movements and what they mean for investors.
Read more »