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AI spending worries return: Nasdaq falls 2.6%, Meta loses nearly 7% and Tesla 3%

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AT A GLANCE

On Thursday 22 October on Wall Street, tech stocks fell sharply. Worries about AI investment and the cost of capital rose again: the Nasdaq lost 2.6% and Meta nearly 7%.

Photo of the Nasdaq building in Times Square, New York
ajay_suresh · CC BY 2.0
In this article

The essentials

According to Yahoo Finance, on Thursday 22 October on Wall Street, the Nasdaq Composite fell 2.6%. The S&P 500 lost 1.2% and the Dow Jones stayed almost flat. Tech stocks pulled the market down, and semiconductors reversed the previous day’s gain.

Meta and Tesla

Meta lost nearly 7%, with investors weighing its quarterly results and the announced 2-for-1 stock split. Tesla ended 3% lower. Its adjusted earnings per share were $0.48 against $0.44 expected, but its revenue of $28.05 billion was slightly below the $28.13 billion expected. Investors weighed lower investment in 2026 against higher spending planned for 2027 and 2028 on Optimus, Cybercab and Terafab.

AI worries

Worries about AI spending and the cost of capital returned. Semiconductors and the big cloud players were sold. CoreWeave, an AI cloud specialist, fell 10% on concerns about its cost of capital and its heavily indebted balance sheet. An analyst, Matt Miskin, sums up: “Every index on the planet is basically an AI index.”

Rates and oil

Investors turned to bonds, and the US 10-year Treasury yield fell 11 basis points to 5.02%. Oil was at its highest since May, with Brent above $111 and WTI near $100, amid concerns over Iran. Our international article presents the movement of oil.

To keep in mind

This article is based on Yahoo Finance’s live coverage of the 22 October session. Some figures are intraday figures and may differ slightly from the final ones. This is neither advice nor an incitement to invest.

Why it matters

Today, AI-related stocks weigh heavily in stock indices. When worry about AI investment or the cost of capital grows, the whole market moves, with possible indirect effects on pensions and investment funds.

LANGUAGE NOTES

Learn the grammar

Explained in English

French grammar

Learn sentence patterns and usage from the article’s own sentences.

01The present indicative
Structure

est / sont + attribute (noun, adjective, prepositional phrase)

In the article
Les craintes sur les dépenses en IA et le coût du capital sont reparties.
Key points

Être in the present is est for a singular subject and sont for a plural one. It describes nature, state or place (“is”, “is located”). If what follows (the attribute) is a noun, adjective or prepositional phrase, it is not a passive. If a past participle follows, it is a passive (est annoncé). Headlines and summaries often use the present to describe the current situation.

02The passé composé
Structure

present of avoir + past participle

In the article
Selon Yahoo Finance, le jeudi 22 octobre à Wall Street, le Nasdaq Composite a reculé de 2,6 %.
Key points

The passé composé is the most common past tense, used for “did” and “has done” — actions completed in the past. It is formed with the auxiliary avoir (a / ont…) in the present + a past participle. Past participles of -er verbs end in -é (annoncer → annoncé); learn the irregular ones (faire → fait, prendre → pris, voir → vu). In the negative, ne … pas wraps the auxiliary (n’a pas annoncé). In the news it reports facts that have already happened, such as “announced” or “voted”.

03The passé composé of pronominal verbs
Structure

se + present of être + past participle

In the article
Les investisseurs se sont reportés sur les obligations, et le rendement du Trésor américain à 10 ans a baissé de 11 points de base à 5,02 %.
Key points

The passé composé of a pronominal verb (se + verb) always uses être as auxiliary (il s’est diffusé / elles se sont réunies). Se changes with the subject: me, te, se, nous, vous. The past participle usually agrees with the subject in gender and number.

04The imparfait
Structure

stem (nous form of the present) + -ais / -ait / -ions / -iez / -aient

In the article
Son bénéfice par action ajusté était de 0,48 $ contre 0,44 $ attendu, mais son chiffre d’affaires de 28,05 milliards de dollars était légèrement inférieur aux 28,13 milliards attendus.
Key points

The imparfait describes states, background, habits and actions in progress in the past (il était, elle avait, ils pensaient). Take the nous form of the present, drop -ons, and add -ais / -ais / -ait / -ions / -iez / -aient. If the passé composé gives “the event itself”, the imparfait paints “the situation at the time”.

05The passive voice in the present
Structure

être (est / sont) + past participle (+ par / de)

In the article
Les craintes sur l’investissement dans l’IA et sur le coût du capital sont reparties à la hausse : le Nasdaq a perdu 2,6 % et Meta près de 7 %.
Key points

The passive means “is done” or “is being done”. It is formed with être + past participle, which agrees with the subject in gender and number (la mesure est adoptée / les mesures sont adoptées). The agent is introduced by par (or de). In the news it is common when the event, rather than the actor, is the focus (est prévu / est annoncé / est connu).

06The passive in the passé composé
Structure

a / ont été + past participle

In the article
Les semi-conducteurs et les grands acteurs du cloud ont été vendus.
Key points

The past passive means “was done”. Its form is present of avoir + été (past participle of être) + past participle. Été does not change, but the last participle agrees with the subject in gender and number (la loi a été votée / les textes ont été votés). It is frequent in news reporting results such as votes, decisions and announcements.

07Pronominal verbs
Structure

se / s’ + verb

In the article
Il ne s’agit ni d’un conseil ni d’une incitation à investir.
Key points

A pronominal verb is used with a reflexive pronoun (me, te, se, nous, vous) before the verb. It can mean “do to oneself”, “be done” or “do to each other”. In the news, se traduire (to result in), se tenir (to take place), s’agir de (to be a matter of) and se diffuser (to spread) are frequent. The pronoun changes with the subject (il se tient / ils se tiennent / je me souviens).

08Citing a source with selon
Structure

selon + noun / organisation

In the article
Selon Yahoo Finance, le jeudi 22 octobre à Wall Street, le Nasdaq Composite a reculé de 2,6 %.
Key points

Selon means “according to”. Put a person or organisation after it as the source. It separates facts the writer checked directly from what another body or report said. Citing a source does not turn a forecast into an accomplished fact.

09Pouvoir: ability and possibility
Structure

peut / peuvent / pourrait + infinitive

In the article
Certains chiffres sont des chiffres de séance et peuvent différer légèrement des chiffres définitifs.
Key points

Put a base-form verb after pouvoir. Peut means “can” or “may”; the conditional pourrait gives a more reserved possibility, “might”. It does not necessarily mean implementation is settled.

10The construction il s’agit de
Structure

il s’agit de + noun / infinitive

In the article
Il ne s’agit ni d’un conseil ni d’une incitation à investir.
Key points

It explains what something is about: “it is a matter of…”. The il is not a particular man but a formal subject of this construction. The negative il ne s’agit pas de means “this is not about…”.

11The subject relative pronoun qui
Structure

noun + qui + verb

In the article
Les « hyperscalers » sont les grands groupes qui exploitent d’immenses clouds.
Key points

Qui continues a description of the person or thing just mentioned (“the one that does…”). Because qui is itself the subject of the next verb, do not repeat the subject. The verb agrees with the noun qui refers to.

12Dates and their prepositions
Structure

le + 日付 / du … au …

In the article
Cet article s’appuie sur le suivi en direct de Yahoo Finance pour la séance du 22 octobre.
Key points

Le 15 octobre means “on 15 October”. Distinguish the le before a date from the le that marks a weekly habit like a weekday. Du is de + le and au is à + le, so decide the meaning from the verb and period expressions around them. Their role depends on the group: a range of dates, the date of a bulletin or another complement.

Explained in English

Japanese grammar

Understand the structure and usage from the text.

01Citing a source: によると
Structure

noun + によると

In the article
ヤフー・ファイナンスによると、22日(木)のニューヨーク市場で、ナスダック総合指数は2.6%下落しました。
Key points

As in “LCPによると”, it shows where the information comes from. What that source reported follows. It is used differently from “私にとって”, which gives one’s own opinion.

02Expressing a possibility
Structure

〜可能性がある / 〜かもしれない

In the article
年金や投資信託にも、間接的に響く可能性があります。
Key points

These forms say something may happen. Even when “possibility” is written, it does not mean it will certainly happen. Check whose forecast it is, plus the time and conditions.

03Polite negation and plain form
Structure

〜ではありません / 〜ではない

In the article
投資の判断や助言ではありません。
Key points

They negate a noun and similar content. “ではありません” is the polite form and “ではない” the plain form. “成立ではありません” shows that it cannot be said to have been concluded.

04Cause or purpose with ため
Structure

〜ため / 〜ために

In the article
「資本コスト(資金調達のコスト)」は、お金を集めるために、かかる費用です。
Key points

ため is used for both reason and purpose. “成立ではないため” is a reason and “運転手を守るため” a purpose. Decide from the whole sentence whether what precedes is a cause or a goal.

05Giving examples with など
Structure

noun / expression + など

In the article
投資家は、2026年の投資が減る一方で、2027年と2028年に、ロボットや自動運転タクシーなどに、より多く使う計画を、重く見ました。
Key points

“暴言など” gives “abusive language” as one example. It is not necessarily a closed list of only the things named. It also helps when reading the scope of a news story.

06The polite past ました
Structure

verb stem (連用形) + ました

In the article
22日のニューヨーク株式市場で、ハイテク株が大きく下げました。
Key points

In “発表しました”, ました makes a verb polite past. The negative is “ませんでした”. Read the actual date together with the date and time in the text.

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