Dow Drops 400 Points Amid AI Valuation Concerns: Tesla, Qualcomm, Snap, Duolingo, DoorDash Among Stocks Making Biggest Moves Today

• Tesla shares were down nearly 4% in Thursday’s midday session, hours before the company is set to announce the results of a shareholder vote on CEO Elon Musk’s $1 trillion compensation plan.
• Qualcomm shares were down more than 4% in Thursday’s midday session after the company announced it could lose Apple as a customer for its modem business in the coming years.
• Snap shares were up by more than 10% in Thursday’s midday trade after the company’s third-quarter results beat Wall Street expectations.

U.S. equities declined in Thursday’s midday trade as concerns over AI valuation gained prominence among investors, while a new report stated that layoffs in October were the highest for the month in 22 years.

According to data from Challenger, Gray & Christmas, U.S.-based employers cut more than 153,000 jobs in October due to concerns about artificial intelligence and cost-cutting measures.

The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was down 1.23% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq 100 index, declined 1.95%. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which tracks the Dow Jones Industrial Average, fell 1.07%.

Here are the top stocks making the biggest moves in Thursday’s midday trade:

Tesla Inc. (TSLA)

Tesla shares were down nearly 4% in Thursday’s midday session, hours before the company announces the results of a shareholder vote on CEO Elon Musk’s $1 trillion compensation plan.

TSLA stock is up 10% year-to-date.

Qualcomm Inc. (QCOM)

Qualcomm shares were down more than 4% in Thursday’s midday session after the company announced it could lose Apple Inc. (AAPL) as a customer for its modem business in the coming years, according to a report by CNBC.

QCOM stock is up 13% year-to-date.

Snap Inc. (SNAP)

Snap shares were up by more than 10% in Thursday’s midday trade after the company’s third-quarter (Q3) results beat Wall Street expectations. Snap reported a loss of $0.06 per share, compared to an estimated loss of $0.12 per share, while its revenue came in at $1.51 billion, slightly above the expected $1.49 billion. The company also announced a partnership with Perplexity AI to integrate the latter’s search engine in the Snapchat app.

SNAP stock is down 26% year-to-date.

Duolingo Inc. (DUOL)

Duolingo shares were down more than 27% in Thursday’s midday session after the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter (Q4) came in below Wall Street expectations. Duolingo guided for an EBITDA in the range of $75.4 million to $78.8 million, lower than analyst estimates of $80.4 million, according to a report by Barron’s.

DUOL stock is down 41% year-to-date.

DoorDash Inc. (DASH)

DoorDash shares were down nearly 16% in Thursday’s midday trade after the company’s mixed performance in Q3. DoorDash reported an EPS of $0.55 on revenue of $3.45 billion, compared to analyst expectations of an EPS of $0.68 on revenue of $3.35 billion, according to Stocktwits data.

DASH stock is up 19% year-to-date.

Also See: Boeing Avoids Criminal Charge Over Two Fatal 737 Max Crashes As Judge Tosses Case At DOJ Request

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