Nasdaq Falls 2.6% as Meta's Spending Comments Hit Chip Stocks

On Thursday, Oct. 22, 2026, the Nasdaq Composite fell 2.6%, dragged down by microchip stocks after Meta's earnings report revived worries about heavy AI capital spending. Reuters called it the index's biggest decline in four periods. On Friday, large AI stocks were mixed as trading quieted. Whether the drop marks a broader rotation remains unclear.