🔥 Why the market's down today: Investors are worried about how much AI is costing after Meta and Tesla's earnings, chip stocks are getting hit hard, and oil is near a five-month high on fears of war with Iran. As of about 1 PM ET, the S&P 500 was down 1.3%, the Nasdaq about 2.1% to 2.4%, and the Dow 0.1% to 0.5%. - Meta: Revenue beat forecasts but profit missed. Meta also announced non-voting shares to help pay for AI, and the stock is down about 5% to 7%. - Nvidia's CEO: Jensen Huang said money to fund the AI buildout is "scarce," and traders said that was spooking the market. - Chips: The Philadelphia Semiconductor Index fell 5.6% to its lowest since July 29 and was on track to lose more than $616 billion in value. The Nasdaq-100 was on track to lose nearly $1 trillion. This reverses Wednesday's AI rally. - Oil and Iran: Brent is about $112, up 3%, on reports that the US and Israel are preparing new strikes on Iran after the midterms. The US is also evacuating personnel from parts of the region. - Bonds: The 10-year Treasury yield dropped below 5% for the first time since September 23 as investors moved into bonds. - Fed: There were no new Fed comments behind today's move. Jobless claims came in at 194,000, a three-month low. #stockmarketcrash