Meta shares slumped roughly 6% on Thursday as the social media giant showed negative free cash flow in its third-quarter earnings and raised the floor of its full-year capital expenditures. The spread on the social media giant's five-year credit default swaps reached all-time highs on Thursday, a signal of growing credit concerns from investors as the company leans deeper into its artificial intelligence spending plans. Meta said it expects its full-year capex to range from $135 billion to $145 billion, raising the bottom of the range from a previous $130 billion to $145 billion. Free cash flow came in at a negative $2.12 billion during the quarter.
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