Almost $200 billion was wiped off of Facebook and Instagram owner Meta’s market cap today, as the firm’s AI spending plans alarmed investors. The social media giant reported its first quarter results last night, after US markets closed. Its results for the three-month period beat expectations, but traders looked past those strong numbers and focussed on forward spending guidance. The business founded by Mark Zuckerberg forecast capital expenditure between $35 billion and $40 billion, with much of the spend on AI. Zuckerberg’s comments on an earnings call, where he said the length of the AI investment cycle is two years, failed to calm markets. Kathleen Brooks, research director at XTB, said said: “If it was a dinner party then AI would have been the only dish on offer, which seemed to irate the market more. Going into the earnings call, the market wanted some colour on a couple of things, including any positive impact on Meta’s future earnings from the TikTok ban. However, Meta execs were tight lipped on this.” The shares plunged by 15.4% to $417, after huge gains earlier this year. Even with the fall, the shares are still up 20% for the year. Deutsche Bank said: “All...