This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- Meta Platforms (META) slides 6% at the open, erasing roughly $100 billion in market capitalization as investors react to surging AI infrastructure costs.
- SpaceX (SPCX) shares tumble 5.1%, on track to wipe out $90 billion in value ahead of a massive 1.3 billion share unlock event.
- US Treasury yields for 2- and 10-year notes plunged 10 basis points, reflecting a flight to safety amid a global selloff in technology and AI-related equities.
- Shell (SHEL) and ExxonMobil (XOM) are reportedly exploring an $8 billion sale of their UK-based chemicals joint venture, Infineum.
Tech Rout Wipes Out Billions in Market Value
The technology sector faced a brutal opening session on October 22, 2026, led by a sharp decline in Meta Platforms (META). The social media giant saw its shares slide 6%, effectively erasing $100 billion in shareholder value. While the company reported strong revenue growth, investors are increasingly wary of its massive capital expenditure, which is now projected to reach between $135 billion and $145 billion annually to fund its artificial intelligence race.
SpaceX (SPCX) experienced similar downward pressure, with shares falling 5.1%. This decline is set to erase approximately $90 billion in market value just as the company faces a critical "unlock" period. Approximately 1.3 billion shares held by pre-IPO investors, valued at nearly $194 billion, become eligible for sale today, raising concerns about a potential supply glut in the secondary market.
Treasury Yields Fall on Safe-Haven Demand
The volatility in equity markets triggered a significant rally in government bonds. Both the US 2-year and 10-year Treasury yields fell by 10 basis points on the day, as investors rotated out of risky assets and into the safety of sovereign debt. The 10-year yield eased to approximately 5.04%, marking a sharp reversal from recent multi-decade highs.
Market analysts suggest the move reflects a crisis of confidence regarding the corporate sector's relentless debt issuance to finance AI infrastructure. As expected returns on these massive investments come under scrutiny, the relative appeal of fixed-income yields has strengthened, leading to a bull flattening of the yield curve.
Shell and Exxon Target $8 Billion Divestment
In the energy sector, Shell (SHEL) and ExxonMobil (XOM) have reportedly launched a sale process for their joint venture, Infineum. The Oxfordshire-headquartered specialty chemicals unit is being marketed with a valuation of roughly $8 billion. The sale is being managed by Bank of America and is expected to attract significant interest from private equity firms.
Infineum is a global leader in fuel and lubricant additives, with its products used in an estimated one-third of all vehicles worldwide. The divestment aligns with Shell's broader strategy to exit non-core downstream assets and refocus on its primary oil and gas operations. This move follows a similar trend in the industry, including BP's recent $10 billion sale of its Castrol division.
Automated market updates written with AI from market data and news wire reports, published without human review.