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# Weekend Recap: AI Stocks Slide as Funding Questions Grow
- URL: https://www.thealphaagentic.com/weekend-recap-2026-10-25/
- Published: 2026-10-25T11:35:39.000Z
- Updated: 2026-10-26T14:11:49.000Z
- Description: Thursday's selloff in AI and chip stocks came a day after Meta approved a share class it can use to raise money, even as suppliers reported rising AI orders.
- Author: Eli Yang
- Tags: Daily Brief, Weekend Recap, AI, Chips & Semis, Datacenters, Power & Energy, Deals & Earnings, #pair-weekend-recap-2026-10-25

The [cost of the AI buildout](https://www.thealphaagentic.com/hyperscaler-capex-tracker/) came into focus last week. On Thursday the Nasdaq Composite had [its largest decline since June 5](https://www.investing.com/news/economy-news/steep-bill-for-ai-buildout-punishes-meta-other-tech-favorites-4967187?ref=thealphaagentic.com), and Meta Platforms (NASDAQ: META) fell 9.4% for the week. The iShares Semiconductor ETF (NASDAQ: SOXX) fell 3.1%, while server and power suppliers reported AI-driven growth.

### Meta narrows its capex range and adds a fundraising share class

Meta [narrowed its 2026 capex outlook](https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Third-Quarter-2026-Results/default.aspx?ref=thealphaagentic.com) to $135 billion to $145 billion from $130 billion to $145 billion, after negative third-quarter free cash flow of $2.12 billion. Its board approved a non-voting Class C stock, effective Jan. 19, 2027, that Meta said can be used to raise capital and fund acquisitions. Meta fell 6.98% Thursday, its largest drop since July, in a [broad AI selloff](https://www.investing.com/news/economy-news/steep-bill-for-ai-buildout-punishes-meta-other-tech-favorites-4967187?ref=thealphaagentic.com) that Reuters linked to worries over AI returns and funding.

**What It Means for Investors:** If hyperscalers sell stock to fund data centers, as Reuters said Wall Street expects, dilution could weigh on their shares even as their spending keeps supporting chip orders.

[Source: Meta](https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Third-Quarter-2026-Results/default.aspx?ref=thealphaagentic.com) · [Reuters via Investing.com](https://www.investing.com/news/economy-news/steep-bill-for-ai-buildout-punishes-meta-other-tech-favorites-4967187?ref=thealphaagentic.com)

### Lam posts record revenue but flags supply limits

Lam Research (NASDAQ: LRCX) reported [record revenue of $8.22 billion](https://newsroom.lamresearch.com/2026-10-21-Lam-Research-Corporation-Reports-Financial-Results-for-the-Quarter-Ended-September-27,-2026?ref=thealphaagentic.com) and guided December-quarter revenue to $8.6 billion, plus or minus $400 million. CFO Doug Bettinger said on the [earnings call](https://stockanalysis.com/stocks/lrcx/transcripts/718719-q1-2027/?ref=thealphaagentic.com) that the guide "would have been a bit higher if not for some near-term supply chain constraints." CEO Tim Archer expects 2027 chip-equipment spending above $200 billion but said component constraints would persist. Lam fell 12.8% for the week, KLA (NASDAQ: KLAC) 12.1% and Applied Materials (NASDAQ: AMAT) 7.8%.

**What It Means for Investors:** If supply constraints persist into 2027, toolmakers' revenue could slip from one quarter to the next even with demand strong.

[Source: Lam Research](https://newsroom.lamresearch.com/2026-10-21-Lam-Research-Corporation-Reports-Financial-Results-for-the-Quarter-Ended-September-27,-2026?ref=thealphaagentic.com) · [Stock Analysis transcript](https://stockanalysis.com/stocks/lrcx/transcripts/718719-q1-2027/?ref=thealphaagentic.com)

![Bar chart of weekly price changes for 12 AI stocks and ETFs, from LRCX -12.8% to TSLA +4.9%](https://storage.ghost.io/c/b0/f1/b0f115e2-04db-4451-bca9-8288bfdeb3a5/content/images/2026/10/weekend-recap-2026-10-25-weekly-moves.png)

Lam Research, Bloom Energy, KLA and CoreWeave each fell more than 11% from the Oct. 16 close to the Oct. 23 close, while SpaceX, Super Micro and Tesla gained.

### Report: Anthropic's draft IPO filing shows about $450 billion in cloud commitments

Anthropic's first-half revenue rose to $16.3 billion from $1.1 billion a year earlier, according to a [draft prospectus viewed by The Wall Street Journal](https://www.investing.com/news/stock-market-news/anthropic-revenue-hits-163-billion-as-preliminary-s1-outlines-ipo-risks--wsj-4960928?ref=thealphaagentic.com). The Journal's account lists a net loss of $80.7 billion, mostly non-cash, and about $450 billion in cloud commitments, including $111 billion with Google Cloud, part of Alphabet (NASDAQ: GOOGL), $110 billion with Amazon's (NASDAQ: AMZN) AWS and $31 billion with Microsoft (NASDAQ: MSFT). Separately, CNBC reported that OpenAI is close to raising up to $30 billion at a [$1.25 trillion valuation](https://www.cnbc.com/2026/10/22/openai-funding-round-uae-investors.html?ref=thealphaagentic.com).

**What It Means for Investors:** If the commitments hold in the public filing, Alphabet, Amazon and Microsoft could face questions on next week's calls about how much of their cloud backlog rests on one customer.

[Source: The Wall Street Journal via Investing.com](https://www.investing.com/news/stock-market-news/anthropic-revenue-hits-163-billion-as-preliminary-s1-outlines-ipo-risks--wsj-4960928?ref=thealphaagentic.com) · [CNBC](https://www.cnbc.com/2026/10/22/openai-funding-round-uae-investors.html?ref=thealphaagentic.com)

### SpaceX's AI unit leads its quarter as Tesla trims its capex plan

SpaceX (NASDAQ: SPCX) said [revenue rose 161% to $14.6 billion](https://s21.q4cdn.com/184289198/files/content%5Ffiles/SpaceX-Reports-Third-Quarter-2026-Results.pdf?ref=thealphaagentic.com), and its Super Intelligence segment posted $4.95 billion of segment adjusted EBITDA on $7.56 billion of revenue. Elon Musk said SpaceX and Tesla (NASDAQ: TSLA) had formed [special committees to review a possible merger](https://techcrunch.com/2026/10/20/spacex-and-tesla-boards-form-special-committees-to-review-merger/?ref=thealphaagentic.com), with no terms agreed. Tesla [cut its 2026 capex guidance](https://stockanalysis.com/stocks/tsla/transcripts/712902-q3-2026/?ref=thealphaagentic.com) to about $20 billion, from a [previous forecast of more than $25 billion](https://www.investing.com/news/stock-market-news/musks-tesla-revenue-beats-estimates-as-deliveries-rebound-energy-storage-grows-4963934?ref=thealphaagentic.com), according to Reuters.

**What It Means for Investors:** If Tesla's capex expands again in coming years, as CFO Vaibhav Taneja said on the call it would, this year's cut could delay rather than shrink its demand for AI compute.

[Source: SpaceX](https://s21.q4cdn.com/184289198/files/content%5Ffiles/SpaceX-Reports-Third-Quarter-2026-Results.pdf?ref=thealphaagentic.com) · [TechCrunch](https://techcrunch.com/2026/10/20/spacex-and-tesla-boards-form-special-committees-to-review-merger/?ref=thealphaagentic.com) · [Tesla call transcript](https://stockanalysis.com/stocks/tsla/transcripts/712902-q3-2026/?ref=thealphaagentic.com) · [Reuters via Investing.com](https://www.investing.com/news/stock-market-news/musks-tesla-revenue-beats-estimates-as-deliveries-rebound-energy-storage-grows-4963934?ref=thealphaagentic.com)

### Super Micro lifts its quarterly revenue estimate by about $4 billion

Super Micro Computer (NASDAQ: SMCI) [estimated fiscal first-quarter revenue](https://www.supermicro.com/en/pressreleases/supermicro-provides-first-quarter-fiscal-year-2027-preliminary-business-update?ref=thealphaagentic.com) at $18.5 billion to $19.5 billion, versus guidance of $14.5 billion to $15.5 billion, "primarily due to increased demand for AI platforms."

**What It Means for Investors:** If final results on Nov. 3 confirm the range, expectations could rise for Nvidia (NASDAQ: NVDA) and other AI server suppliers, though the figures are unaudited and could change.

[Source: Supermicro](https://www.supermicro.com/en/pressreleases/supermicro-provides-first-quarter-fiscal-year-2027-preliminary-business-update?ref=thealphaagentic.com)

### ABB's data center orders more than double as Bloom raises its outlook again

ABB (SIX: ABBN) said orders [rose 40% to a record $12.06 billion](https://new.abb.com/news/detail/139696/q3-2026-results?ref=thealphaagentic.com), citing a "triple-digit increase" in data center orders, for a book-to-bill of 1.24\. Bloom Energy (NYSE: BE) said revenue [rose 138.1% to $1.24 billion](https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Third-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx?ref=thealphaagentic.com) and raised its 2026 revenue guidance for the third time this year, to $4.4 billion to $4.6 billion. Its operating cash flow was negative $27.1 million, and capex nearly tripled from the second quarter to $153.5 million.

**What It Means for Investors:** If ABB keeps booking orders faster than it ships while holding capex near $1 billion, its data center backlog could keep growing. If Bloom's spending keeps cash flow negative, investors could weigh its growth against funding needs.

[Source: ABB](https://new.abb.com/news/detail/139696/q3-2026-results?ref=thealphaagentic.com) · [Bloom Energy](https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Third-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx?ref=thealphaagentic.com)

## What to watch next week

- **Tue, Oct. 27:** September [durable goods orders](https://www.census.gov/economic-indicators/calendar-listview-2026.html?ref=thealphaagentic.com), 8:30 a.m. ET.
- **Tue-Wed, Oct. 27-28:** The Fed's [FOMC meeting](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm).
- **Tue, Oct. 27, 8 p.m. ET:** SK Hynix (KRX: 000660) posts results before its [earnings call](https://news.skhynix.com/en/q3-2026-earnings-conference-call-invitation/?ref=thealphaagentic.com) (9 a.m. Oct. 28 in Seoul), its first since it [halted a Solidigm IPO review](https://www.cnbc.com/2026/10/23/sk-hynix-solidigm-ipo-.html?ref=thealphaagentic.com).
- **Wed, Oct. 28:** Alphabet's [earnings call](https://abc.xyz/investor/news/news-details/2026/Alphabet-Announces-Date-of-Third-Quarter-2026-Financial-Results-Conference-Call-2026-8tpGZsLS6v/default.aspx?ref=thealphaagentic.com), 4:30 p.m. ET, plus [KLA](https://ir.kla.com/news-events/press-releases/detail/522/kla-announces-first-quarter-fiscal-year-2027-earnings-date?ref=thealphaagentic.com) and [Microsoft](https://news.microsoft.com/source/2026/10/07/microsoft-announces-quarterly-earnings-release-date-69/?ref=thealphaagentic.com) results after the close.
- **Thu, Oct. 29:** Third-quarter [GDP and September personal income and outlays](https://www.bea.gov/news/schedule?ref=thealphaagentic.com), 8:30 a.m. ET.
- **Thu, Oct. 29:** [Intel](https://www.intc.com/news-events/press-releases/detail/1782/intel-to-report-third-quarter-2026-financial-results?ref=thealphaagentic.com) (NASDAQ: INTC) and [Digital Realty](https://rss.globenewswire.com/news-release/2026/10/01/3373379/0/en/digital-realty-schedules-third-quarter-2026-earnings-release-and-conference-call.html?ref=thealphaagentic.com) (NYSE: DLR) report after the close; their calls and [Amazon's](https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-to-Webcast-Third-Quarter-2026-Financial-Results-Conference-Call/default.aspx?ref=thealphaagentic.com) are at 5 p.m. ET.
- **Fri, Oct. 30:** The third-quarter [Employment Cost Index](https://www.bls.gov/schedule/news%5Frelease/eci.htm?ref=thealphaagentic.com), 8:30 a.m. ET.