$META spent $34.91B on capex last quarter, more than the $32.79B of cash its business brought in. Free cash flow was negative $2.12B. The stock rose 2.9% after hours anyway. Compare CoreWeave. Its 2031 notes yielded 15.78% on Oct 15, and the stock lost about 25% in a week. Both are buying the same chips. The difference is who pays. Meta's ad business did $64.6B of revenue in the quarter, up 26%, so the shortfall was a rounding error on a growing machine. CoreWeave pays a lender. Meta also lifted the bottom of its 2026 capex range to $135B from $130B. I care because Meta is a Nebius customer, on an agreement worth up to about $27B, with capacity starting early 2027. A higher Meta floor helps that contract. It doesn't answer the question I published on Nebius, which is the coupon on its next raise. The stock closed Wednesday at $171.57, back above my $170 line, and I still haven't added. I don't own Meta. My read of October so far: spend whatever you like on AI, as long as you aren't borrowing at 16% to do it.