Quick overview

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Investors were alarmed by Meta, which caused Mark Zuckerberg to drop to fifth place on the Bloomberg Billionaires Index, the lowest position in two years. As a wave of tech earnings rocked the world’s richest list, the company’s shares plummeted in response to its planned $30 billion debt sale.

Zuckerberg’s net worth dropped to $235.2 billion, according to the wealth index, after Meta announced it would issue the largest investment-grade bond offering of the year to increase spending on artificial intelligence research. This was the biggest 11 percent decline in Meta’s stock since 2022.

Alphabet reported revenue that exceeded analysts’ expectations amid a spike in demand for its cloud and AI services,

According to Bloomberg’s wealth index, Zuckerberg’s $29,2 billion plunge was the fourth-largest one-day market-driven decline ever. Before Thursday’s meltdown, Meta’s stock had increased by 28% this year, boosting Zuckerberg’s wealth by $57 billion.

However, investors were concerned about Meta’s rising AI budget, as at least two analysts downgraded the company’s stock after it revealed that it expects to spend up to $118 billion on capital projects this year and possibly more in 2026.

Amazon shares have increased by more than 30% since hitting a low in mid-April. Investors have praised the company’s cloud computing division, which has expanded steadily thanks to high-profile agreements with AI companies like Anthropic. Shares surged in after-hours trading after the company reported third-quarter sales and profits that exceeded forecasts.