Meta shares dropped more than 5% on Friday after the Financial Times reported that the company could potentially raise tens of billions of dollars in a stock offering to fund its artificial intelligence investments.

The social media company is pondering the potential stock sale, the FT reported, after rival Alphabet said this week that it plans to raise $85 billion from selling equity, increasing that number from $80 billion. Alphabet has been on a tear over the past year, but the stock is down for a fourth straight week as investors worry about excessive AI spending.

Meta hasn’t hired banks and may not issue new stock, the FT noted.

A Meta spokesperson called the report “pure speculation.”

“We’ve been clear that huge opportunities lie ahead in AI, and we’ll continue focusing on raising capital in the most flexible ways to support that,” the spokesperson said in an email.

Like other tech giants, Meta and Alphabet are pouring record sums into capital expenditures as they race to build out AI infrastructure to meet what they see as insatiable demand.

In April, Meta raised its 2026 capex guidance to as high as $145 billion from a previous forecast of up to $135 billion. Alphabet said that month that it was hiking the top end of its capex guidance by $5 billion to $190 billion.

Wall Street has been treating the two companies very differently over the past year, largely because Alphabet has a prospering cloud business that helps justify its hefty spending. Alphabet’s stock is up more than 115% in the last 12 months, topping all of its megacap peers, while Meta’s stock is down 13%, the worst performer in the bunch.

WATCH: Evercore’s Mark Mahaney: Meta is one of my favorite stocks in the large cap internet space.

Netflix shares fell 9% in extended trading on Thursday after the streaming giant released its first-quarter earnings report and announced a key governance change.

The company beat Wall Street expectations for revenue, reporting $12.25 billion for the first quarter, above the $12.18 billion expected by analysts polled by LSEG and 16% higher than the $10.54 billion it reported in the year-ago quarter.

Thursday marked the company’s first earnings report since it walked away from its proposed acquisition of Warner Bros. Discovery’s streaming and film assets in February.

Netflix reported net income of $5.28 billion, or $1.23 per share, nearly double the $2.89 billion, or 66 cents per share, that it reported during the same period last year. The company cited higher-than-projected operating income and the $2.8 billion termination fee that it received after the WBD deal fell through.

Reported earnings per share were not comparable to analyst expectations of 76 cents because of the impact of the termination fee.

Still, Netflix maintained its previous full-year guidance of revenue between $50.7 billion and $51.7 billion.

The company said it expects second-quarter revenue to increase 13% and reiterated its earlier warning that content spending would be weighted in the first half of the year due to the timing of title launches. Netflix added that it expects the second quarter to have the highest year-over-year content amortization growth rate in 2026, before lowering in the second half of the year.

Despite dropping its proposed deal for WBD’s assets, that would-be transaction will still affect Netflix’s finances this year. Netflix Chief Financial Officer Spencer Neumann said Thursday that while some of the initially planned costs related to the deal won’t “fully materialize,” some of the costs that had been planned to carry into 2027 would now be moved up to 2026. He added that the company is “still in the ballpark … of the total that we were projecting for total M&A-related expenses in the year.”

On Thursday, Netflix also announced that Reed Hastings, Netflix’s co-founder and current chairman, would exit the board in June when his term expires.

Hastings stepped down from his CEO role in 2023. Greg Peters, who had served as chief operating officer, stepped into the co-CEO role alongside Ted Sarandos.

“Netflix changed my life in so many ways, and my all‑time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,” Hastings said in the company’s shareholder letter on Thursday. Hastings will now focus on philanthropy and other pursuits, according to the letter.

On Thursday, an analyst questioned whether the departure of Hastings was related to the proposed WBD deal.

Sarandos knocked that down, adding that Hastings was “a big champion for that deal. He championed it with the board. The board was unanimous.”

Nvidia shares dropped 5% on Thursday, as investor concerns around its leadership in the artificial intelligence boom dampened enthusiasm over its earnings beat.

The company reported stellar quarterly results, but the numbers were not enough to assuage Wall Street amid an already fragile time for stocks. Companies across many industries, ranging from trucking to software, have been rattled this year on fears of AI disruption to their businesses. Elevated valuations and high capital expenditures have also set a high bar for these names.

“The debate has shifted away from near-term results and toward the sustainability of AI capex spending, amid concerns around its quantum, monetization and potential cashflow degradation,” Richard Clode, portfolio manager at Janus Henderson, told CNBC.

Nvidia’s decline on the day also pressured several other leading chipmakers. Broadcom shares dropped nearly 6%, while Taiwan Semiconductor Manufacturing dropped more than 3%.

Nvidia’s 10-K regulatory filing published on Wednesday states that while the company is “finalizing an investment and partnership agreement” with the maker of ChatGPT, “There is no assurance that we will enter into an investment and partnership agreement with OpenAI or that a transaction will be completed.”

Tom Graff, chief investment officer at Facet, told CNBC that he expects a “bumpy ride” ahead for the stock for at least the next couple of quarters.

He said that the market expected a good quarter from Nvidia after customers like Microsoft and Amazon projected higher spend on data centers, but investors were seeking more insight from the chip giant.

“What we didn’t get were details about the future guidance,” Graff said. “If players like OpenAI might be slowing spending, that would show up in actual revenue one to two quarters from now, so the lack of specificity about the revenue outlook is generating some concerns.”

To be sure, Gil Luria of D.A. Davidson said that Nvidia provided more detailed guidance for the year than it usually does. He told CNBC that he remains optimistic that the company will be making a large investment in OpenAI despite the “confusing” language in the regulatory filing.

Chipotle Mexican Grill on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations, although traffic to its restaurants fell for the fourth straight quarter.

For 2026, the company is projecting flat same-store sales growth, signaling that the burrito chain’s woes are not expected to disappear quickly. Chipotle ended a bumpy 2025 with a full-year same-store sales decline of 1.7%.

Shares of the company fell as much as 11% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 25 cents adjusted vs. 24 cents expected
• Revenue: $2.98 billion vs. $2.96 billion expected

The fast-casual chain reported fourth-quarter net income of $330.9 million, or 25 cents per share, down from $331.8 million, or 24 cents per share, a year earlier.

Excluding impairment costs, gains from terminating restaurant leases and other items, Chipotle earned 25 cents per share.

Net sales rose 4.9% to $2.98 billion.

The company’s same-store sales fell 2.5% for the quarter, making this reporting period the third quarter of the year with same-store sales declines. However, Wall Street was anticipating a steeper same-store sales decrease of 3%, according to StreetAccount estimates.

Traffic to Chipotle restaurants fell by 3.2%. Executives have previously said they have seen a pullback in spending from consumers of all income cohorts, although low-income diners have made the most significant shift to their behavior.

Over the past year, shares of Chipotle have lost roughly a third of their value, dragging the company’s market value down to about $51 billion. Investor enthusiasm for the stock waned after the fast-casual chain began reporting shrinking traffic to its restaurants.

To bring back customers, Chipotle is focusing on improving the chain’s operations and adding new menu items, rather than leaning into discounts. In December, at the tail end of the quarter, the company unveiled “protein cups,” with the goal of convincing protein-obsessed customers to stop by for a snack, not just lunch or dinner.

Chipotle opened 132 company-owned locations and seven restaurants run by international licensees during the quarter. That brought its total to 334 company-owned locations and 11 international partner restaurants opened for the year.

In 2026, the company is projecting that it will open 350 to 370 new restaurants, including 10 to 15 international locations that will be run by licensees.