From BigGo Finance · BigGo Finance · · 1m 10s
AI Trade Takes a Hit
Meta sheds 667.4 billion yuan in one day as chip stocks plunge.
In brief
Meta sheds 667.4 billion yuan in one day as chip stocks plunge. Meta lost 6.51% in value, wiping $100 billion (667.4 billion yuan) off its market cap as chip stocks fell sharply. Originally reported by BigGo Finance.
Market Reaction
U.S. trading on Oct. 22 saw Nasdaq drop 2%, S&P 500 fall 1.17%, and Dow slip 0.4%.
Meta Plunges
Meta dropped 6.51%, wiping $100 billion (667.4 billion yuan) off its market value in one session.
Chip Stocks Fall
Philadelphia Semiconductor Index dropped nearly 4%, Lam Research fell over 10% after citing supply-chain constraints.
“supply-chain constraints”
SpaceX and Tech Giants
SpaceX fell 5.1%, Amazon dropped 3.91%, and Nvidia lost 2.95% in the same session.
Chinese ADRs Weaken
Nasdaq Golden Dragon China Index fell over 1%, with 21Vianet and NetEase dropping more than 4%.
Commodities and Crypto
Brent crude rose to $112 a barrel, spot silver fell over 4%, and Bitcoin dropped 2% with 90,000 liquidations.
Market Impact
Investors grew skeptical about AI capital spending payback timelines, shifting capital from tech to value sectors.
In short
Meta lost 6.51% in value, wiping $100 billion (667.4 billion yuan) off its market cap as chip stocks fell sharply.
