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

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 more uncertain.