Tech Giants Face Bumpy Ride on Wall Street

Big tech companies are having a rough time on the stock market. Meta saw its shares drop by more than 12% in one day. This is one of the biggest losses the company has had in years. The drop came after Meta reported a huge tax charge of nearly $16 billion. This charge made their quarterly earnings much lower than what Wall Street expected. Microsoft also had a bad day. Their shares fell by 2. 2%. This happened even though they reported better-than-expected earnings. Microsoft made $4. 13 per share and brought in $77. 6 billion in revenue. But investors were not happy because of a $3. 1 billion loss from their investment in OpenAI. This loss was about $0. 41 per share.On the other hand, Alphabet had a good day. Their shares went up by 2. 7%. This was because they reported their first-ever quarterly revenue of over $100 billion. They made $102. 3 billion, which was more than expected. Apple and Amazon are set to report their earnings later. Apple is expected to make $1. 78 per share and bring in $102. 2 billion in revenue. Amazon is projected to make $1. 57 per share and bring in $177. 9 billion in revenue. Nvidia will be the last of the big tech companies to report their earnings on November 19. Meta has been spending a lot of money on AI. They invested $14. 3 billion in the AI startup Scale AI. They also hired the CEO of Scale AI to lead their AI initiative. Meta has been making big deals to build their AI infrastructure. For example, they signed a six-year, $10 billion deal with Google in August.