Meta shares fall before open on AI plans, new stock issuance

** Meta Platforms META.O shares fall more than 1.5% premarket after co announced a new class of stock to fund its AI push, beat Q3 rev estimates and gave a strong Q4 outlook

** Co will issue new non-voting Class C shares in January 2027 and says its new AI agent, Muse, signed up over 10 mln users in its first six weeks

** Analysts at TD Cowen expect Meta to issue equity and/or debt to fund its AI infrastructure buildout over the next few years, reflecting the growing cost burden of AI investments

** META also forecast Q4 rev above Wall Street estimates and tightened its annual capex outlook to between $135 bln and $145 bln from $130 bln to $145 bln

** Co reports Q3 free cash flow deficit of $2.12 bln

** Stock is up ~5.7% YTD, lagging the Nasdaq's .IXIC 14.9% rise