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S&P Global Ratings affirmed Meta's AA- credit rating but changed its outlook from "stable" to "negative". The reason is spending on artificial intelligence infrastructure: for the quarter, it exceeded the money the company earned from operations.
As of Friday, October 30, Apple's market capitalization stood at $5.03 trillion versus $4.93 trillion for Nvidia. The reason for the leadership change is not Apple's growth but a crash in semiconductors: Nasdaq Composite -3.37%, the chipmaker sector index Philadelphia Semiconductor -8.7%.
By the Friday open, the S&P 500 had lost 1.22% and moved to 7626.09 - below the September 30 close (7651.54). As recently as Wednesday evening, the month was up 1.21%; now October is down 0.33%.
Intel shares collapsed on Friday from $92.07 to $64.25, and the company lost about $147 billion in market capitalization in a single session. Intraday, the decline exceeded the record of July 5, 1974, which had stood for 55 years.
By 11:07 Moscow time on October 30, the Nasdaq 100 futures were losing more than 2% and trading around 28,960 points. The reason: weak guidance from three of the largest technology companies at once and growing concerns over their spending on artificial intelligence.
On Friday, South Korea's main KOSPI index plummeted 5.25% to 5,626.02 points (05:20 MSK). SK hynix lost 8.65%, Samsung Electronics - 6.03%. The reason is investors' doubts about the returns on artificial intelligence investments, not poor earnings reports.
At the market open on Thursday, Alphabet (Google's parent company) shares plunged 13.18% to $279.47 - the strongest one-day drop in the company's history. About $522 billion was wiped off its market capitalization, which fell to $3.44 trillion.
Alphabet (Google's parent company) reported for Q3 on the evening of October 28 at 23:00 Moscow time and lost 10% in the evening session. It wasn't revenue that let it down, but profit and cash: free cash flow went negative for the second quarter in a row.
Meta Platforms (NASDAQ: META; the company is recognized as extremist and banned in the Russian Federation) on October 21 reported revenue above forecast, but on the same day a court in New Mexico ordered it to pay $25 billion in a data privacy case. The shares reacted with a rise of about 2%, to $708.
