Tech peers suffer extended trading slump following Meta’s dismal forecast

Bleak projections from Meta Platforms, the parent company of Facebook (META.O), have triggered a domino effect, prompting a downturn in tech and tech-related stocks during after-hours trading. Meta’s announcement of anticipated increased expenditures on AI technology coupled with projected lower revenues for the current quarter led to a staggering 13% drop in its stock value in extended trading. Consequently, social media counterpart Snap experienced a notable decline of over 6%. Meta’s latest financial outlook follows its recent disclosure of plans to expand the presence of its AI assistant across its array of applications.