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Wall Street's three major indexes lost ground on Thursday with the Nasdaq Composite and the S&P 500 leading losses as Meta and Microsoft shares tumbled on worries over surging AI spending, while investors also digested a more hawkish tone from the US Federal Reserve.

Meta shares sank 11.3% for their biggest one-day drop in three years after the social media company forecast "notably larger" capital expenses next year, thanks to investments in artificial intelligence.

Microsoft shares ended down 2.9% after the software company reported a record capital expenditure of nearly $35 billion for its fiscal first quarter and warned that spending would rise this year. In contrast, however, Google-parent Alphabet finished up 2.5% as stea

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