Meta and chip stocks decline as AI trade comes under pressure: AlphaCheck

Good morning. Stocks declined on Thursday as semiconductor names fell, with the AI trade unwinding following quarterly results from Meta ( META ) and Tesla ( TSLA ).

Shares of the EV maker recovered early trading losses while Meta sank 6%.

The Tech (XLK ) sector fell, led by chipmakers like Nvidia ( NVDA ) and AMD ( AMD ). Memory makers Micron ( MU ) and SK Hynix ( SKHY ) also dropped as the chip sector reversed gains from Wednesday.

Shares of the wafer equipment maker Lam Research ( LRCX ) fell as much as 10% after management pointed to "supply chain constraints" heading into 2027.

Here's a check of the markets in the first few minutes of trading, based on a heat map powered by Yahoo Finance AlphaSpace data .

Brent crude oil futures ( BZ=F ) jumped to a five-month high at $112 per barrel while WTI ( CL=F ) traded near $100 after a report of possible US and Israeli attacks on Iran after the November midterm elections.

Here are some other notable stocks that Yahoo Finance readers are viewing this morning: IBM ( IBM ), Lockheed Martin ( LMT ), and Procter & Gamble ( PG ).