Meta Platforms’ stock dropped over 12% due to skepticism around its aggressive AI spending plans, despite strong results. CEO Mark Zuckerberg defended the plans, citing early returns in the core business. The company is ramping up capex to $70-$72 billion by 2025 to prepare for superintelligence. Meta has also invested in AI startup Scale AI and inked new cloud deals. In Q3, Meta reported $51.24 billion in revenue and $7.25 earnings per share, beating estimates but incurring a $15.93 billion tax charge.

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1. Apple announces a new MacBook Pro with a more powerful M1 Pro and M1 Max chip, up to 64GB of RAM, and a mini-LED display. The laptop starts at $1,999 and is available for pre-order now.

2. The U.S. economy added 194,000 jobs in September, falling short of expectations of 500,000 new jobs. The unemployment rate dropped to 4.8% as more people left the workforce.

3. Pfizer requests FDA emergency use authorization for its Covid-19 vaccine for kids ages 5 to 11. The company’s clinical trial data showed the vaccine was safe and effective in this age group.: Meta drops 12% as heightened AI spending overshadows strong results