MARKET RECAP → U.S. stocks dropped on Thursday as investors looked over major tech company earnings, and a meeting between President Donald Trump and Chinese President Xi Jinping ended.

🤖 ALPHABET’S AI HANGOVER → Alphabet (GOOG) topped Q3 estimates but slid 6% as investors balked at surging AI infrastructure costs tied to its Gemini rollout.

💸 META’S AI BILL → Meta (META) crushed earnings but warned of heavier AI spending ahead, spooking investors even as Zuckerberg bets big on long-term dominance.

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💸 Earnings beat, stock drops. Meta (META) posted stronger-than-expected Q3 revenue and profits, but shares fell more than 8% after the company warned that AI infrastructure spending will surge even higher next year.

🤖 Zuck’s all-in moment. CEO Mark Zuckerberg said Meta is doubling down on AI and metaverse development, committing billions to data centers, Nvidia (NVDA) chips, and custom training hardware to power its new AI assistant and ad-targeting tools.

⚠️ Investors wary. While revenue jumped 22% year-over-year, analysts flagged rising capex and thinner margins as reasons for caution—calling Meta’s AI push “necessary but costly.”

💰 Strong quarter, soft stock. Alphabet (GOOG) beat Wall Street’s Q3 estimates on both revenue and profit, but shares fell nearly 6% after the company warned that AI spending would climb sharply in 2026.

🤖 Big bet on Gemini. CEO Sundar Pichai said Alphabet is ramping capital expenditures to support its Gemini AI models and data centers, calling AI “the biggest investment phase since Google Cloud.” Analysts expect annual capex to top $55 billion.

⚖️ Investors cautious. Despite ad revenue growth and steady YouTube performance, concerns about rising costs and slower margin expansion overshadowed the otherwise solid earnings beat.

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