Global stocks slide as AI spending and oil prices weigh on markets

Global stock markets fell sharply on Thursday, October 22, 2026, as investor concerns over high AI spending and rising oil prices overshadowed a busy earnings day. Asian tech shares led the decline, with futures pointing to a weak open in Europe and the US. Meta Platforms beat profit forecasts but announced increased AI capital expenditure, causing its shares to initially rise 6% before settling at a 2% gain. Lam Research plunged over 7% after its solid guidance failed to satisfy investors, while Brent crude oil held near $111 per barrel, fueling inflation and higher interest rates. The market turmoil comes as about 50 Stoxx Europe 600 and 30 S&P 500 companies report results, including Nestlé, Roche, Barclays, and Hermès. South Korea's KOSPI fell 3.6%, and the Hang Seng dropped 3%, while US futures showed the Nasdaq 100 down 1.4%.