Meta shares fall after AI capex exceeds cash flow, investors punish both spending cuts and hikes

Meta's Q3 revenue rose 26% to beat estimates, but capital expenditure of $34.9 billion exceeded operating cash flow, causing shares to drop 7% on Oct. 22. MetLife strategist Drew Matus said investors punish companies whether they cut or raise capex. Four more tech giants -- Microsoft, Alphabet, Amazon and Intel -- face the same test this week, making up about 15% of the Nasdaq 100. Matus argues firms must find workers, equipment and land before spending headline budgets, and AI-driven concentration in the economy is more worrying than market movements.