Wall Street slides as AI spending fears hit Meta shares

Wall Street fell sharply on Thursday, with the Nasdaq composite dropping 2.6 percent, its worst day since June, driven by investor fears that AI companies are spending unsustainably. Meta shares plunged 7 percent despite beating revenue expectations and issuing optimistic forecasts, as rising future costs tied to AI investments alarmed investors. The S&P 500 closed down 1.2 percent, while the Dow Jones Industrial Average was flat. The selloff was compounded by concerns over escalating tensions in the Middle East. Brent crude oil traded at $113.13 per barrel, reflecting heightened geopolitical risk.