Meta shares fell about 6 percent on Oct. 22 local time. Its third-quarter free cash flow posted a $2.12 billion deficit, and it raised the low end of its full-year capital expenditure outlook, CNBC reported.

Meta projected full-year capital spending of $135 billion to $145 billion. That compares with a previous range of $130 billion to $145 billion, with the low end edging higher. Concerns that cash outlays could rise as AI investment expands weighed on the stock.

Caution is also rising in credit markets. The spread on Meta’s 5-year credit default swaps climbed to a record high on the day. It is seen as a sign that investors’ credit concerns have grown as Meta’s AI spending plans expand.

Third-quarter revenue beat market expectations. Meta’s third-quarter revenue rose 26 percent from a year earlier to $64.6 billion. It topped the market estimate of $63.37 billion. Earnings per share were $3.83, but it was not clear whether that figure was directly comparable with the Wall Street estimate of $5.75.

Meta also said with its earnings release it would create a new class of non-voting Class C common stock. The company said the move was to maintain a “founder-led structure” and secure flexibility to raise growth capital.

In a filing with the U.S. Securities and Exchange Commission, Meta said that if a “California wealth tax” passes, Chief Executive Mark Zuckerberg (마크 저커버그) could face a tax bill of several billion dollars based on his holdings of company stock. CNBC reported that the new stock plan influenced efforts to persuade Zuckerberg to stay in California.