Sector Update: Tech Stocks Tumble Late Afternoon

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• Meta outlook revised to negative by S&P on cash flow and capex concerns

  S&P Global Ratings revised Meta's outlook to negative while keeping its AA- rating, citing uncertainty over elevated capex and negative free cash flow tied to AI spending. Meta expects full-year capex of $135–145 billion and posted negative free cash flow of $2.12 billion in its third-quarter report, its first time in the red. S&P expects capex growth to start flattening from 2028 but is less certain Meta will curtail spending as previously anticipated. Meta shares fell 7% after earnings and 15% in October, the worst month in four years, and the company plans to raise $95 billion, including $35 billion in underwritten public equity offerings and $60 billion through an at-the-market program. A Meta spokesperson disagreed with S&P's view of its AI monetization, saying its infrastructure will open new revenue streams.

  CNBC·30/10, 22:22▼ METAMETAAI investmentcredit ratings
• This cybersecurity stock will be the next to join the S&P 500

  Okta is set to join the S&P 500 on Wednesday, replacing Kenvue.

  MarketWatch·30/10, 22:20S&P 500Oktacybersecurity
• Cramer's week ahead: Expect more volatility as tech earnings, midterms loom

  CNBC's Jim Cramer warned volatility may not be over after a turbulent week in which tech shares fell on renewed concerns about the AI trade, and said it was too early to call a bottom in the Nasdaq. The Nasdaq Composite rose 2.3% through Wednesday before dropping 2.9% Friday to end the week down 2%, while the S&P 500 finished down 0.6% and the Dow Jones Industrial Average down 0.9%. The coming week brings the midterm elections, earnings from Palantir, Apple, AMD, Pfizer, Amgen, CVS, McDonald's and Kimberly-Clark, and the monthly jobs report on Friday. Cramer said Apple's valuation of almost 40 times earnings leaves little room for disappointment, but he would still own the stock.

  CNBC·30/10, 22:17• QQQ• SPYNasdaqtech stocksmidterm elections
• Learn Why The Bull Case For Verizon Communications (VZ) Could Change Following Raised Outlook

  Verizon reported Q3 2026 revenue of US$34.313b and net income of US$5.198b, and raised its full-year outlook. The company expanded AI-focused connectivity deals with Amazon and Alphabet and committed US$5b over five years to a Small Business Supplier Accelerator for US suppliers. The article says stronger subscriber trends and enterprise AI Connect contracts show Verizon pairing network scale with more durable customer relationships. An analyst narrative points to forecast revenue of US$147.7b and earnings of US$23.0b by 2029, based on assumed 2.1% annual revenue growth. Key risks include intense competition, heavy capital spending and new pressure from satellite players.

  Yahoo Finance·30/10, 22:13VZtelecommunicationsartificial intelligence
• Binance hackers raced to move billions before it could be frozen

  Hackers stole an estimated $6.3 billion from Binance in the largest crypto attack on record, which began at 8:04 pm UTC Thursday and is linked to the North Korean group behind last month's Bitget hack. The attackers quickly converted USDT and USDC, which issuers can freeze, into BTC and ETH, with $325 million of USDT sold to market makers for ETH before 20:59 UTC. Tether froze around $1.567 billion in USDT and Circle around $823 million in USDC, and Binance said about $3 billion of the $6.3 billion has been frozen. On Aave, the attackers deposited $60 million in USDT and borrowed $44.6 million of WETH about 40 minutes before the first freeze, and Aave said the position remained overcollateralized. Elliptic estimated $2.84 billion was frozen by 7:00 am UTC Friday while the attackers still controlled around $3.33 billion, and freezing does not automatically return funds.

  Cointelegraph·30/10, 22:00▼ BNB/USDTcryptoBinancecybersecurity
• Intel’s stock crashes, knocking $12B from government’s stake

  Intel's stock crashed around 28% on Friday, one of its worst days ever, after the chipmaker forecast weaker fourth-quarter results: revenue of $15–16 billion versus analysts' expected ~$17 billion, gross margin falling to 37% from 43%, and no positive cash flow. The drop cut $12 billion from the value of the government's 10% stake, bought under the Trump administration over a year ago. Intel is still up more than 70% this year, though well below its summer highs. CEO Lip-Bu Tan said customers signaled a PC slowdown due to rising memory prices and limited availability, while data center revenue grew 78% year over year. Intel's new Arizona fab is operational, but the next one isn't expected until 2028.

  Yahoo Finance·30/10, 21:54Intelsemiconductorsearnings