Shares of Meta Platforms, Alphabet and Intel fell sharply, erasing gains for
investors who bought recent follow-on share offerings and pushing many positions
below subscription prices. The sell-off intensified after Alphabet’s Wednesday
results showed search and other ad revenue below expectations and Intel warned
of supply-chain issues for data-center components. The moves have heightened
doubts about the sustainability of large AI infrastructure investments and the
market’s capacity to absorb major AI-related equity issuance. Continued weakness
will complicate issuers’ fundraising and makes Anthropic’s chances of matching
or exceeding SpaceX’s record IPO haul earlier this year is more uncertain.
