Tech shares fall as Meta raises 2026 spending outlook

Intellectia reported that the Nasdaq Composite dropped 2.58% on October 22, its worst single-day decline since June 2026.[2] It said the session erased more than $1 trillion from U.S. technology market capitalization, with an estimated $200 billion loss for the sector.[3][2] Meta fell nearly 7%, Nvidia lost 4.4%, and AMD declined 8.10%.[2] By contrast, the Dow Jones Industrial Average gained 0.02%.[2] The figures describe a session with steep losses in technology shares, rather than a uniform decline across the indexes cited.

Meta raised its 2026 capital expenditure outlook to $135 billion–$145 billion, narrowing its earlier $130 billion–$145 billion range.[1] Intellectia reported that the new upper range was nearly double the $72 billion Meta spent in 2025.[2] It also reported $34.91 billion in capital expenditures, including principal payments on finance leases.[1] The spending outlook is a planning figure; the reported expenditure is a separate measure.

Meta reported operating cash flow of $32.79 billion and negative free cash flow of $2.12 billion.[1] It also said it launched Muse and Muse Wonder, its first frontier model.[1] Meta intends to establish Class C common stock effective January 19, 2027, and said the class could support capital raising, employee compensation, potential acquisitions and other corporate purposes.[1] The company declared a one-time dividend of one Class C share for each outstanding Class A and Class B share, contingent on the new class taking effect, and said voting power would not change.[1]

Intellectia reported that CoreWeave had approximately $51.6 billion in debt.[3] Bernstein analysts estimated that the company might need as much as $85 billion to fund its committed backlog.[3] Those figures are an estimate and a reported debt amount, not a statement that the additional funding has been raised. Oil prices also rose above $98 per barrel for crude and to around $110 for Brent during the session.[2] The yield on 10-year U.S. Treasuries fell below 5% as investors sought government-bond safety, according to Intellectia.[2]