Meta reported negative $2.12 billion of third-quarter free cash flow, compared with positive $10.63 billion a year earlier—its first quarterly cash burn in more than a decade, according to Reuters' October 22 report. The company raised the low end of its annual spending range from $130 billion to $135 billion, retained a $145 billion high end and planned nonvoting Class C share issuance.
In the reported session, Meta fell about 7%, NVIDIA about 4%, the Nasdaq 2.6% and the Philadelphia semiconductor index 6.7%. Those price changes do not isolate one cause. The fresh evidence is the quarterly free-cash-flow reversal and financing flexibility at a large incumbent, bringing a specific set of reported figures to a debate often conducted through distant spending forecasts.