Meta Falls, Tesla Drops, Lam Research Down as Forecast Underwhelms

On this episode of Stock Movers:

-Meta Platforms Inc (META) shares fell after Chief Executive Officer Mark Zuckerberg told investors the company would bet even more aggressively on artificial intelligence. The company boosted its capital spending plans for the year and announced a new class of nonvoting stock that could be used to help pay for acquisitions and other expenses. Meta's capital expenditures will be $135 billion to $145 billion in 2026, and its future spending commitments rose to $825 billion, including leases, computing deals and energy agreements.

-Tesla (TSLA) shares drop. The electric-car maker cut its spending plans following capital investment that trailed expectations last quarter. Analysts note that they are incrementally positive on growing full-self driving adoption. Capital expenditures will be around $20 billion this year, the company said Wednesday after reporting earnings results.

-Lam Research (LRCX) shares drop after the semiconductor capital equipment company gave a forecast for adjusted second-quarter earnings that was slightly weaker than expected at the midpoint of the range.

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