Premarket Movers | Microsoft Dips 3%; Meta Slides 7%; eBay, Carvana Sink 8%; Chipotle Mexican Grill, Wolfspeed Plummet 18%; ServiceNow up 4%

Meta Platforms, Inc. on Wednesday forecast "notably larger" capital expenses next year thanks to investments in artificial intelligence, including aggressively building data centers to power its AI push.

The Facebook and Instagram parent reported third-quarter revenue growth of 26% that beat market estimates, but that jump was outpaced by a 32% increase in costs.

Shares of the company fell 7% in premarket trading on Thursday, as Wall Street digested Zuckerberg's even bigger capital plans to build out AI data center capacity that will pressure margins.

Microsoft stock fell 3% in premarket trading on Thursday.

Microsoft's AI infrastructure spending to meet growing cloud services demand is outpacing Wall Street expectations, deepening investor fears about the costs of sustaining the boom.

The technology giant reported a record capital expenditure of nearly $35 billion for its fiscal first quarter on Wednesday and warned spending would rise this year, in a reversal of its earlier prediction that it would moderate.

Microsoft's Azure cloud-computing business grew 40% in the July-September period, outpacing Visible Alpha's estimate of 38.4%. The company's current-quarter Azure growth forecast of 37% was also slightly ahead of estimates of 36.4%.

E-commerce firm eBay forecast profit for the crucial holiday quarter below Wall Street estimates amid ongoing macroeconomic uncertainty, sending its shares down 8% in premarket trading on Thursday.

Tariffs and changes to certain customs requirements in the U.S. have created significant uncertainty for small businesses, while concerns over escalating prices for imported goods have weighed on consumer confidence.

Wolfspeed Inc. on Wednesday reported a lower first-quarter profit, highlighting the challenges facing the U.S. chipmaker as it recovers from bankruptcy and confronts subdued demand.

Shares of company plunged 18% in premarket trading on Thursday.

ServiceNow rose 4% in premarket trading on Thursday after the company raised its annual subscription revenue forecast on Wednesday, driven by growing demand for its artificial intelligence powered software solutions.

Enterprise clients turn to AI-powered software offered by companies such as ServiceNow and Salesforce to manage their IT services and automate certain business operations in a bid to save resources.

Carvana Co. fell 8% in premarket trading on Thursday after used car retailer reported higher third-quarter profit and revenue on Wednesday, aided by strong demand for preowned vehicles.

Demand for used vehicles has remained strong as consumers flock to older cars to avoid hefty price tags on new ones caused by tariffs.

Chipotle Mexican Grill on Wednesday cut annual sales forecast for the third time this year, warning that consumer spending on dining out is likely to remain under pressure through early 2026, sending its shares down 18% in premarket trading on Thursday.

U.S. households earning less than $100,000 a year, which make up about 40% of Chipotle's sales, have pulled back sharply, executives said. Customers aged 25-35 years were particularly pressured, owing to rising unemployment, resumed student loan payments and sluggish wage growth, CEO Scott Boatwright said.