Meta, Tesla, and chip stocks decline as AI trade comes under pressure: AlphaCheck

Good morning. Stocks declined on Thursday as semiconductor names fell, with the AI trade coming under pressure following quarterly results from Meta (META) and Tesla (TSLA). Shares of the EV maker declined more than 1%, while Meta sank 6%. The Tech (XLK) sector fell, led by chipmakers like Nvidia (NVDA) and AMD (AMD). Memory makers Micron (MU) and SK Hynix (SKHY) also dropped as the chip sector reversed gains from Wednesday. Shares of the wafer equipment maker Lam Research (LRCX) fell as much as 10% after management pointed to "supply chain constraints," heading into 2027. Here's a check of the markets in the first few minutes of trading, based on a heat map powered by Yahoo Finance AlphaSpace data.Sectors on Thursday, Oct.