AI Funding Crunch Deepens: Meta's $145B Capex & Non-Voting Shares Signal Capital Scarcity

Concerns over AI capital availability are intensifying, with Meta Platforms raising its 2026 capital spending forecast to $135B-$145B and announcing new non-voting shares to facilitate fundraising [1]. CEOs from Broadcom, BlackRock, and Nvidia echo worries about capital becoming the biggest constraint on AI development [1].

This sentiment triggered a significant market reaction:

• AI-linked stocks like Nvidia (-4.4%), CoreWeave (-10.1%), and Lam Research (-11.8%) fell.
• The iShares Semiconductor ETF (SOXX) dropped 6.8%, and the Nasdaq declined 2.6% [1].

While the S&P 500 equal-weight index edged up, the cap-weighted version fell, suggesting a rotation out of large-cap tech. Treasury yields also fell, indicating market concern that tighter capital could slow the AI buildout [1]. This marks a material development in the ongoing AI funding narrative, previously highlighted by debt concerns and investor reluctance.