Meta also suffered a legal blow overnight, after a judge in New Mexico ordered the company to pay a US$25 billion penalty to the state in a data privacy case. (AFP pic)LONDON: Global stocks retreated on Thursday, as tech earnings' optimism provided only fleeting support and was offset by nagging concern over the outlook for AI, while stalemate in the Gulf pushed up oil prices.
MSCI's All-World index was set for its largest daily fall in two weeks, down 0.4%, as tech shares from Seoul and Tokyo to Amsterdam and Paris tumbled.
Meta, the first of the so-called AI hyperscalers to publish quarterly results, reported third-quarter revenue late on Wednesday that beat expectations. But any optimism was short-lived, after the company unveiled a plan to issue non-voting stock that revived concern over its mounting capital commitments.
