More than $2 trillion in market value is set to be wiped from the tech-heavy Nasdaq 100 this month, as Big Tech earnings intensified investor scrutiny of whether the billions being poured into artificial intelligence can generate returns quickly enough.

The wipeout would amount to slightly more than SpaceX’s entire market value. The index has fallen over 5.8% so far in October as the AI trade ran into turbulence, with hyperscalers Meta Platforms, Alphabet and Amazon.com raising spending forecasts further as they race to expand AI infrastructure.

The prospect of ever-bigger AI outlays has unnerved investors, particularly as rising borrowing costs threaten to make debt-funded investment more expensive and harder to justify.

Here’s a roundup of megacap earnings so far, with Apple set to report next week and AI bellwether Nvidia due mid-November.

Alphabet suffered its biggest one-day percentage drop on record on Thursday after disappointing results in the core business of search advertising and a massive acceleration in cash burn.

Meta’s plans for a record $97.5 billion fund raise heightened concerns about shareholder dilution and whether mounting AI spending could force other Big Tech companies to increasingly tap capital markets.

Microsoft and SpaceX broke from the gloom, with results that showed AI spending starting to pay off.

”It may be that we’ve overestimated how strong the growth might be, but they’re not going negative in aggregate,” said John Bilton, global head of strategic research, multi-asset solutions at JPMorgan Asset Management.

Microsoft is reportedly planning to raise about $25 billion through its first US investment-grade bond sale in more than nine years.

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