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Wall Street took another hard hit Thursday. The Nasdaq plunged 2.6%, its worst day since June. Chip stocks crashed 6.7%. Meta lost nearly 7%. Nvidia fell 4.4%.

Yet the Dow edged higher. Most U.S. stocks rose. Oil surged past $113, while the 10-year Treasury yield fell below 5%.

The big story was AI. Tech firms keep spending huge sums on chips and data centers. Investors now want proof that this spending will pay off. Strong sales are no longer enough.

Thursday, October 22

Thursday showed how fast Wall Street's mood has changed. AI was once enough to lift almost any tech stock. Now, even strong earnings are failing to impress.

Investors are asking a harder question. Can these firms earn enough to cover their huge AI bills? At the same time, rising oil prices are making inflation harder to fight.

Chip stocks had their worst day since June. The sector plunged 6.7% as investors sold some of the biggest AI winners.

Nvidia fell 4.4%. Lam Research lost nearly 11.8%. The chip index is now down more than 26% from its June record. Yet it remains up more than 50% this year.

That tells us something. AI demand is still strong. But investors are no longer willing to pay such high prices for every chip stock. They want to see more profit.

Meta beat Wall Street's sales forecasts. Yet its stock plunged nearly 7%.

The reason was spending. Meta used more cash than it brought in after paying for its business and new equipment. Its free cash flow was negative $2.1 billion. That was its first such cash shortfall in more than a decade.

Meta is spending heavily on AI chips and data centers. The firm expects those costs to stay high. Investors now want to know when all that spending will lead to much larger profits.

Tesla lost about 3.1% after its earnings report. The company brought in more cash than it spent. It also cut planned spending for 2026 to roughly $20 billion, down from more than $25 billion.

But the stock still fell. Investors remain unsure how soon Tesla's AI and robotics plans will pay off. Cutting costs helped. It was not enough to win buyers back.

The selloff spread beyond chipmakers. CoreWeave fell about 10.1%. GE Vernova lost around 10.6%. Vistra dropped nearly 9.8%.

These firms help supply the chips, computing power, and electricity that AI needs. But building that supply costs huge sums of money.

Investors fear some companies may spend too much before they earn enough. That concern is now hurting far more than chip stocks.

Oil added another problem. Brent crude climbed above $113 a barrel, near a 5-month high. U.S. crude moved closer to $100.

Fighting in the Middle East raised fears that oil supplies could be cut. Attacks on Saudi targets added to those concerns.

Higher oil prices mean more expensive fuel. They can also push up shipping and food costs. That makes it harder for inflation to fall and gives the Fed less room to cut rates.

Bonds had a very different day. The 10-year Treasury yield fell to around 4.96%. That was a sharp drop from the prior close.

Investors bought U.S. government bonds as tech stocks sank. Strong demand pushed bond prices up and yields down.

The move was striking because oil prices were rising. Higher oil can add to inflation and keep rates high. But Thursday, fear of losses in tech stocks helped drive money into bonds.

Gold did not share in the bond rally. Prices fell about 2.4% to near $4,041 an ounce. That may seem strange. Gold often attracts buyers when stocks fall.

But investors also feared that high oil prices could keep interest rates elevated. Gold pays no interest. That can make it less appealing when rates are high.

Thursday showed that gold and bonds do not always rise together.

Not every part of the market struggled. Consumer staples gained about 3.1%. Utilities rose nearly 2%. Procter & Gamble jumped 5.6% after strong earnings.

These firms sell goods and services that people need each day. That makes their sales less tied to the AI boom.

The split was huge. The Nasdaq fell 2.6%, yet the Dow finished slightly higher. Investors were selling tech, not every stock in the market.

The labor market also held up. New jobless claims fell to 194,000. That means layoffs remain low despite slower hiring.

This leaves the Fed with a tough choice. Inflation is still high. Oil is rising. But the job market has not broken.

The Fed meets on October 27–28. Investors expect rates to stay unchanged. The bigger question is what officials say about inflation and the next rate move.

Thursday left investors with a clear set of numbers:

Friday brings fresh reports on U.S. factory and service activity. Investors will also watch earnings from American Express and SLB. Those reports could show how higher costs are affecting consumers and businesses.

Next week's Fed meeting is another major test. Oil prices are rising. Inflation remains high. But fears about AI spending are pushing investors into bonds.

Thursday's biggest lesson was not that the whole stock market is in trouble. Most stocks rose. The real trouble was in tech. Chip stocks crashed 6.7%. Meta lost nearly 7% despite strong sales. The Nasdaq had its worst day since June.

The AI boom is not over. But Wall Street is asking tougher questions. How much will AI cost? How soon will it pay off? And which firms can earn enough to justify their stock prices?

Those questions now matter more than the hype.