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

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.
Learn the grammar
French grammar
Learn sentence patterns and usage from the article’s own sentences.
01The present indicative
est / sont + attribute (noun, adjective, prepositional phrase)
Les craintes sur les dépenses en IA et le coût du capital sont reparties.Key pointsÊtre 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
present of avoir + past participle
Selon Yahoo Finance, le jeudi 22 octobre à Wall Street, le Nasdaq Composite a reculé de 2,6 %.Key pointsThe 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
se + present of être + past participle
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 pointsThe 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
stem (nous form of the present) + -ais / -ait / -ions / -iez / -aient
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 pointsThe 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
être (est / sont) + past participle (+ par / de)
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 pointsThe 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
a / ont été + past participle
Les semi-conducteurs et les grands acteurs du cloud ont été vendus.Key pointsThe 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
se / s’ + verb
Il ne s’agit ni d’un conseil ni d’une incitation à investir.Key pointsA 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
selon + noun / organisation
Selon Yahoo Finance, le jeudi 22 octobre à Wall Street, le Nasdaq Composite a reculé de 2,6 %.Key pointsSelon 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
peut / peuvent / pourrait + infinitive
Certains chiffres sont des chiffres de séance et peuvent différer légèrement des chiffres définitifs.Key pointsPut 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
il s’agit de + noun / infinitive
Il ne s’agit ni d’un conseil ni d’une incitation à investir.Key pointsIt 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
noun + qui + verb
Les « hyperscalers » sont les grands groupes qui exploitent d’immenses clouds.Key pointsQui 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
le + 日付 / du … au …
Cet article s’appuie sur le suivi en direct de Yahoo Finance pour la séance du 22 octobre.Key pointsLe 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.
Japanese grammar
Understand the structure and usage from the text.
01Citing a source: によると
noun + によると
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 pointsAs 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
〜可能性がある / 〜かもしれない
年金や投資信託にも、間接的に響く可能性があります。Key pointsThese 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
〜ではありません / 〜ではない
投資の判断や助言ではありません。Key pointsThey 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
〜ため / 〜ために
「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
noun / expression + など
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
verb stem (連用形) + ました
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 pointsIn “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.