Top Midday Stories: Meta Credit Risk Gauge Hits Record High Amid AI Spending Plans; Tesla Q3 Revenue Misses Consensus

11:55 AM EDT, 10/22/2026 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Thursday, as concerns mounted among investors over spending by artificial intelligence companies and oil prices rose amid ongoing geopolitical tensions. In company news, Meta Platforms (META) reported Q3 earnings late Wednesday of $3.83 per diluted share, up from $1.05 a year earlier but below the FactSet consensus analyst estimate of $6.54. Third-quarter revenue was $64.60 billion, up from $51.24 billion a year ago and above the FactSet consensus of $63.34 billion. For Q4, the company expects revenue of $73 billion to $76 billion, compared to the FactSet consensus of $73.65 billion. For full-year 2026, Meta expects total expenses of $175 billion to $179 billion to incorporate a $9.9 billion charge related to legal proceedings recognized in Q3. Also, the company expects 2026 capital expenditures of $135 billion to $145 billion, compared with its previous guidance of $130 billion to $145 billion. Meta also said its board approved the establishment of a new class of publicly listed, non-voting Class C common stock, effective in January 2027. Lastly, the price of five-year credit default swaps on Meta's debt rose as much as 8.9 basis points to 119.3 basis points a year, a record, over concerns on its plans to spend about $825 billion in the future on leases and contracts, mostly related to computing power and AI infrastructure, Bloomberg reported Thursday, citing ICE Data Services. Meta shares were down 5.6% around midday. Tesla (TSLA) reported Q3 adjusted earnings late Wednesday of $0.48 per diluted share, down from $0.50 a year earlier but above the FactSet consensus of $0.45. Third-quarter revenue was $28.05 billion, down from $28.10 billion a year ago and below the FactSet consensus of $28.06 billion. Separately, Tesla and Nvidia (NVDA) plan to invest a combined 3.7 trillion South Korean won ($2.80 billion) in Samsung Electro-Mechanics to expand production of advanced semiconductor substrates, Reuters reported Thursday, citing South Korea's Maeil Business Newspaper. Separately, Tesla plans to launch its Cybercab robotaxi service next month in Dallas, Chief Executive Elon Musk said on the company's earnings call. Also, Musk said he expects the company to begin full production of its Optimus robots in "at least a year," according to a transcript of the call. Finally, Musk said he is targeting production of 5 million vehicles per year by 2030. Tesla shares were down 1%, while Nvidia shares were down 4.1%. Blackstone (BX) reported Q3 distributable earnings Thursday of $1.32 per share, down from $1.52 a year earlier but above the FactSet consensus of $1.26. Third-quarter revenue was $3.06 billion, down from $3.09 billion a year ago and below the FactSet consensus of $3.27 billion. Blackstone shares were up 6%. International Business Machines (IBM) reported Q3 adjusted EPS late Wednesday of $2.95, up from $2.65 a year ago and above the FactSet consensus of $2.85. Third-quarter revenue was $17.10 billion, up from $16.33 billion a year ago and above the FactSet consensus of $16.82 billion. IBM shares were down 1%. Lam Research (LRCX) reported fiscal Q1 adjusted diluted EPS late Wednesday of $2.20, up from $1.26 a year earlier and above the FactSet consensus of $2.18. Fiscal Q1 revenue was $8.22 billion, up from $5.32 billion a year ago and above the FactSet consensus of $8.14 billion. For fiscal Q2, the company expects non-GAAP diluted EPS of $2.33, plus or minus $0.15, on revenue of $8.6 billion, plus or minus $400 million. Analysts polled by FactSet expect $2.33 and $8.57 billion, respectively. Lam shares were down 10.1%. Price: 658.47, Change: -39.05, Percent Change: -5.60