Global market news on October 22 was dominated by rising AI spending, escalating US-Iran tensions, falling Asian equities and increasing pressure in bond markets. Meta Platforms raised its 2026 capital expenditure forecast to $135 billion–$145 billion, while oil prices climbed amid concerns about energy supply disruptions and security risks in the Middle East.
Meta’s AI Spending and Credit Risks Draw Attention
Meta reported third-quarter revenue of $64.6 billion, exceeding analysts’ expectations of $63.33 billion. However, the company increased its 2026 capital expenditure guidance to $135 billion–$145 billion, up from its previous forecast of $130 billion–$135 billion.
Meta’s future spending commitments also drew attention, with a separate update reporting $825 billion in commitments driven by AI infrastructure. The company’s credit-risk gauge subsequently reached an intraday record as its bonds came under pressure.
Elsewhere in the technology sector, Tesla reported third-quarter net profit of $787 million, down approximately 44% from $1.4 billion a year earlier. IBM reported quarterly revenue of $17.1 billion, supported by 8.3% growth in software sales. SpaceX also reported third-quarter profit above estimates, although rising debt remained a concern for investors.
Oil Supply Risks Increase Amid Middle East Tensions
Oil prices rose as US-Iran tensions and security concerns in Saudi Arabia intensified. Saudi Aramco’s Shaybah field was among the locations affected by drone-related incidents, while a separate attack at Dammam airport reportedly killed two people, including an Indian national.
Aramco’s chief executive said the oil market had lost 3 billion barrels of supply since the crisis began. Iran also warned that the conflict could keep energy markets volatile for three years.
Reports from The New York Times said US and Israeli militaries were preparing plans for potential strikes on Iran, possibly after the November 3 US midterm elections. President Donald Trump said Washington was not negotiating with Tehran and expected an outcome “soon.”
Asian Stocks Fall as Bond Market Pressure Builds
China’s CSI 300 entered bear-market territory, falling 20% from its June peak. South Korea’s KOSPI dropped 3.52% to a six-month closing low as chip stocks declined.
France’s 10-year government bond yield reached its highest level in 24 years amid fiscal concerns. The developments added to pressure across global financial markets.
In India, the Financial Times reported that the Reserve Bank of India had used $90 billion to support the rupee amid currency pressure. India’s September crude oil imports from the Middle East also returned to pre-war levels, according to the supplied report.
Separately, Barclays planned to cut 5,000 jobs as it pursued efficiency gains linked to artificial intelligence. US initial jobless claims fell to 194,000, below expectations, while Nvidia CEO Jensen Huang described demand from neocloud providers as “off the charts.”
