Meta Platforms Inc. was looking like the best Big Tech stock in the market when the year began. But investors’ fears of legal risks and heavy spending on artificial intelligence are bubbling to the surface, culminating in last week’s 11% rout.

Shares of the Facebook and Instagram parent are down 19% this month, putting them on pace for their worst performance since October 2022. That was when Meta gave a disappointing revenue outlook, and Chief Executive Officer Mark Zuckerberg pleaded with investors to stay patient with the company’s ballooning spending on the metaverse.