Weekly Recap: Meta Drops 7%, SpaceX Jumps 161% and Tesla Profit Halves

TLDR Meta Platforms shares fell nearly 7% despite strong earnings, as investors focused on its AI spending plans. Tesla’s quarterly net income dropped 44% to $787 million, but free cash flow reached $1.5 billion. SpaceX revenue rose 161% to $14.6 billion, and Elon Musk confirmed merger talks with Tesla. Lockheed Martin reported a record $292 billion order backlog and raised its yearly outlook. Amazon said its AWS cloud capacity is largely sold out through 2027. US stocks ended a volatile week on 23 October 2026 as investors weighed strong earnings against the cost of AI spending. The S&P 500 fell 0.5% and the Nasdaq lost 0.7%. The Dow Jones gained 0.4%. On Thursday, the Nasdaq dropped 2.6% as Wall Street questioned whether large AI investments will pay off.

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