Capital Concerns Hammer the AI Trade 10/22/26

Analysts distinguish a healthy AI capex buildout from poorly-financed, high-leverage players like CoreWeave amid a broad tech sell-off.

• Nasdaq slumps 2.3%+: AI financing fears hit tech after Jensen Huang said neocloud demand is 'off the charts' but working capital is scarce; Meta fell 7% despite beating earnings.
• Meta's dilution worry: Gil Luria (DA Davidson, $700 PT) says Meta's planned non-voting share issuance and aggressive 2027 capex signal borrowing and dilution, not weaker fundamentals; Meta/Google/Amazon stay FCF-negative while Microsoft stays positive.

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