Investors are punishing Big Tech's biggest spenders. Meta is the latest casualty.

Apple ( AAPL ), Eli Lilly ( LLY ), and Walmart ( WMT ) have added more than $400 billion since chip stocks peaked in early October. Meta ( META ), Alphabet ( GOOG , GOOGL ), and SpaceX ( SPCX ) have lost more than twice that.

Meta is taking the hardest hit. The stock is down more than 8% on Thursday, erasing about $145 billion in market value and wiping out its gain for the year. It's on track for its second-worst day of 2026 and its third straight drop of 5% or more the day after earnings — a first since its 2012 IPO.

Thursday's drop looks dramatic, but on a weekly chart, it barely registers. For about two years, Meta has bounced between roughly $500 and $800, from its April 2025 low near $485 to its August 2025 record close of $790.

Slipping below the 2025 close turns Meta red for the year. It doesn't change the trend. Only a break out of the box would.

The broader damage is hitting the AI spenders.

Nvidia ( NVDA ) alone has shed more than $600 billion since Oct. 6, according to Yahoo Finance calculations, as chip stocks broke a bear trap .

Meta beat on revenue on Wednesday , with sales up 26% to $64.6 billion. But the company raised its full-year expense outlook and narrowed its capital spending plan to $135 billion to $145 billion. It also unveiled a new class of nonvoting shares it can sell to raise money.

"He's not going to have the cash flow to support it. So he's going to have to raise capital, both debt and equity," Gil Luria, head of technology research at D.A. Davidson, said to Yahoo Finance in reference to Meta CEO Mark Zuckerberg.

Bond traders were already nervous. Earlier this week, the cost of insuring debt from Meta, Amazon ( AMZN ), Alphabet, and Microsoft ( MSFT ) climbed to its highest in months. Truist analysts wrote that Meta's AI investments "will take longer to generate returns."

The core business is holding up, though. Luria said Meta is "gaining share from Google," with ad sales growing in the 20s. And Zuckerberg told analysts that if compute efficiency keeps improving quickly, "Muse will be highly profitable over multiple years."

Watch for a weekly close outside the box. A move above $800 would be a breakout to new highs, while a close below $500 would open the door to a much deeper slide. Until then, the moves are just noise inside the range.

Internal AI tools helped analyze interview transcripts, research, and draft this post. Humans reviewed, edited, and fact-checked this post before publication.

Follow Jared Blikre on X at @SPYJared or email him at jaredblikre@yahooinc.com .