ME AI News, October 23 — U.S. tech stocks plunged as investors grew increasingly worried that soaring artificial intelligence spending is unsustainable. The Nasdaq dropped 2.6% on Thursday, its largest single-day decline since June. The Dow Jones Industrial Average, weighted toward blue chips, edged up 0.02%. Unease over the scale of Big Tech AI investments dragged down several major AI-linked stocks. Meta (META.O) fell 7% after disclosing further heavy spending commitments down the road. Revenue rose substantially, yet profit still fell short of Wall Street expectations. "It all traces back to Meta," said investor and analyst Navellier. "The issue now is that the market is selling indiscriminately, throwing out the good with the bad." Comments from the CEO of NVIDIA deepened market worries: AI does not have enough capital to support the growth of so-called "neoclouds," companies that mainly provide digital infrastructure for large AI cloud providers such as Meta and Amazon. SpaceX, NVIDIA and CoreWeave all declined, and the Philadelphia Semiconductor Index plunged 6.7%. With the AI sector still swinging violently this week, U.S. investors are moving into bonds and away from riskier assets such as tech stocks. That shift has driven Treasury yields sharply lower. (Source: MLion)

Musk said on Oct. 22 that Tesla will push Megapack production as high as it can, with demand climbing from utilities and AI data centers.

Bloom Energy reported 94 cents of earnings per share on $1.24 billion in revenue, beating expectations. The stock was sliding in after-hours trading.

OSASCO, Brazil (AP) — Banco Bradesco SA (BBD) on Thursday reported third-quarter net income of $1.43 billion. The bank, based in Osasco, B

US Stock Market today: Chipmakers Western Digital, Intel, ADM , Sandisk, and Marvell all posted steep percentage losses amid the broader semiconductor selloff.

NEW YORK (Reuters) -- The tab for the next round of the AI buildout came due on Thursday.Investors sold shares of Meta Platforms and a wealth of compa

MaxLinear posted third-quarter earnings of 62 cents per share, topping estimates, with revenue of $218.1 million also ahead of forecasts. The company guided fourth-quarter revenue to a range of $240 million to $260 million.

Falling gold and copper prices dragged the materials sector down 5.6%. Technology shares lost 1.6% on worries over AI spending.

Loss per share was 90 cents; adjusted earnings per share totaled 27 cents.