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- Meta shares plunged as much as 15% in premarket trading, dragging US futures lower.
- Investors weren't convinced by Mark Zuckerberg's plan to keep spending tens of billions on AI.
- Meta also posted lackluster revenue guidance as part of its first-quarter earnings report.
Meta stock plunged in premarket trading on Thursday as investors fretted that Mark Zuckerberg's artificial intelligence push will send costs skyrocketing.
Shares fell as much as 15% and were still 13% lower at just over $430 shortly after 5 a.m. ET in a selloff that will wipe about $160 billion off Meta's value if it holds up until the opening bell.
The losses came after Meta reported its earnings for the first three months of the year on Wednesday.