Shares of Meta, Alphabet and Intel fell below their recent equity offering prices at their Oct 30 intraday lows, leaving buyers underwater with Meta down 2.4%, Alphabet Class C down 32.5%, Alphabet Class A down 21.5% and Intel down 21.1%. The declines follow Alphabet’s equity sale plan of up to $85 billion announced in June, Intel’s $23 billion raise in August and Meta’s $25 billion Class A share sale priced at $625 a share.

The pullback followed earnings reports in which Alphabet missed Search revenue estimates and Intel cited supply chain issues affecting data center components, alongside investor concerns that Meta’s AI spending could outpace monetization and pressure cash flow and margins. S&P also stated that uncertainty over Meta’s future capital expenditures and multiyear AI investments casts doubt on expected spending cuts.

Meta’s offering of 40 million Class A shares, structured through forward sale agreements with Morgan Stanley and Goldman Sachs, was five times oversubscribed and included $3 billion from Nvidia and $1 billion from AMD alongside expanded AI infrastructure and Muse model partnerships. Combined with $12.5 billion in mandatory convertible preferred depositary shares priced at $50 each and a planned $60 billion at-the-market sale of nonvoting Class C shares starting in early 2027, the transactions bring Meta’s equity financing plan to $97.5 billion as 2026 capital spending is projected at $135 billion to $145 billion.