Meta sparks tech selloff as AI splurge spooks Wall Street

(Reuters) Shares of Meta Platforms (META.O) sank 13% on Thursday, sparking a selloff in big technology stocks after the social media firm signaled its costly bet on AI could take years to pay off.

The drop was set to erase nearly $170 billion from the company’s market value and triggered a fall of 3% to 4.2% in shares of AI-focused Microsoft (MSFT.O) and Alphabet (GOOGL.O), both of which report earnings after market close.

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