Meta Platforms is trading at $582.51 (-3.82%) as investor concern over the scale of its AI infrastructure spending outweighs news regarding its upcoming in-house chip production.
- Reuters reported that the company plans to begin manufacturing its custom Iris AI chip in September to support its computing expansion.
- The stock is facing pressure as markets react to the significant capital expenditure required for Meta's long-term AI roadmap.
- Today's decline marks a reversal of the stock's recent rally during early trading sessions.