🔴 Tech ETF (MAGS) is trading 3% down on October 22, 2026, AI-spending returns face scrutiny

MAGS is trading at $70.68, down 3.03%, as investors question whether heavy AI infrastructure spending will generate adequate returns.

• Meta raised its 2026 capital-spending outlook, while Tesla cut its forecast; weaker chip-equipment guidance added to sector jitters.
• Rising oil prices amid Middle East supply concerns and broader market weakness, led by the Nasdaq, added to risk-off sentiment, consistent with MAGS’s decline.