April 25, 2024 7:04 PM

Meta sparks tech selloff as AI splurge spooks Wall Street

Shares of Meta Platforms META sank nearly 15% on Thursday, sparking a selloff in big tech stocks after the social media giant signaled its costly bet on AI would take years to pay off.   The premarket drop was set to erase more than $180 billion from the company's market value and triggered a drop of 2% to 5% in shares of AI-focused firms Microsoft MSFT.O, Alphabet and Snap SNAP.   Meta CEO Mark Zuckerberg, who floored Wall Street last year with his cost-cutting drive, said on a post-ear...