Tesla Falls About 5% in Pre-Market; Chip and Optical Stocks Slide, Meta Rises

The split between Tesla's capex cut and Meta raising the low end of its AI capex target is the real signal here: capital-spending conviction is diverging across mega-caps, and chip and optical names are trading on that uncertainty rather than on any single earnings line. The breadth of the semiconductor decline, from IBM and Intel to Micron, Nvidia and Marvell, suggests the reaction is sector-level risk reduction rather than company-specific. Whether Meta's higher capex floor and its planned non-voting share issuance are read as confidence or dilution is the open question for AI-linked suppliers.