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Meta stock sinks 6% as AI spend pushes free cash flow negative
Meta shares slumped roughly 6% on Thursday as the social media giant showed negative free cash flow in its third-quarter earnings and raised the floor of its full-year capital expenditures.
Summary
Meta shares slumped roughly 6% on Thursday as the social media giant showed negative free cash flow in its third-quarter earnings and raised the floor of its full-year capital expenditures. The spread on the social media giant's five-year credit default swaps reached all-time highs on Thursday, a signal of growing credit concerns from investors as the company leans deeper into its artificial intelligence spending plans.
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