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US tech stocks plunge as Brent tops $115: AI financing fears meet Middle East supply risk
Nasdaq fell 2.6% Thursday (worst since June), S&P 500 lost 1.21%; SpaceX reportedly seeks 80,000 cell sites for a wireless carrier, pressuring telecom shares.
Why it matters
U.S. tech stocks led Thursday's (Oct 22) selloff: the Nasdaq plunged 2.6% to 26,009, its worst day since June; the S&P 500 fell 1.21% to 7,663, its worst since July; the Dow was flat at 52,868. Investors questioned whether AI infrastructure spending can be financed.
Oil added to inflation fears: Brent broke above $115 a barrel on Friday, the first time since May; WTI traded near $100. The 10-year Treasury yield stood around 4.97%.
Details
The tech worry is concrete: Meta beat earnings yet fell nearly 7%, after raising this year's capex guidance to $135-145bn and posting negative free cash flow; it also announced a new class of non-voting Class C shares, raising dilution fears. Nvidia CEO Jensen Huang warned that funding for AI infrastructure was insufficient. The Philadelphia Semiconductor Index fell 6.7%, also its worst since June.
Another shock hit telecoms: Bloomberg reported SpaceX is in talks with Crown Castle to secure access to at least 80,000 U.S. cell sites, a step toward building a fourth nationwide wireless carrier. Crown Castle jumped 12% to $88.56 premarket; AT&T and Verizon each fell about 4.3%, T-Mobile 5%. Analysts estimate a nationwide terrestrial network would cost over $80bn.
Markets expect the Fed to hold at next week's (Oct 28) meeting, with a December hike still possible. This article reports realized market data only, not forecasts.
Sources
Al Jazeera (via Today News Brief), Morningstar/Dow Jones Newswires, Reuters wire, NordFX market pulse, 2026-10-23.
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