10AM Hour: Stocks Dive as Oil Spikes, Reaction to Meta and Tesla Results, IBM CEO on Demand 10/22/26

Meta's negative free cash flow and massive AI capex needs, alongside Iran escalation risk, are driving a tech-led market selloff.

• Geopolitical escalation: Reports of U.S. preparations (including the 'mother of all bombs') against Iran, State Dept evacuation planning, and Kepler data showing Iran's floating oil reserves collapsed to 866,000 barrels from ~135 million.
• Tesla-SpaceX merger advances: Former Tesla board member Steve Wesley says both boards formed special committees and expects movement "quite quickly," though valuation (Tesla at 1.5trillion,~15xrevenue)andregulatoryhurdlesremain;Teslaposted1.5 trillion, ~15x revenue) and regulatory hurdles remain; Tesla posted 1.5trillion,~15xrevenue)andregulatoryhurdlesremain;Teslaposted28B quarter revenue, flat automotive.

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