Meta Platforms shares fell 6% after third-quarter spending on artificial intelligence infrastructure pushed the company's free cash flow negative for the first time in years. Prices for Meta's five-year credit default swaps climbed to record highs as investors signaled growing concern over the company's debt risk.

Meta has been fined $25 billion over allegations that it lied to users about how it handled their personal data. BBC Business describes the penalty as the largest yet imposed on Facebook's parent company, surpassing an earlier $18 billion privacy settlement Meta reached with the state of California. Meta has not yet issued a public response.