META'S EARNINGS RALLY JUST REVERSED. 👀 After initially gaining 3–4% in after-hours trading, $META fell more than 5% in early Thursday trading. The earnings weren't weak: • Revenue: $64.6B (+26% YoY) • Quarterly CapEx: $34.91B • Free cash flow: −$2.12B • 2026 CapEx outlook: $135B–$145B ONCHAIN CHECK — HYPERLIQUID At 9:31 AM ET: • META perp: $661.27 • Open interest: $114.3M • 24h volume: $242.6M • Hourly funding: +0.0006% The onchain market reflected the equity selloff, while funding remained only modestly positive. The bigger question: How much AI growth is enough to justify this level of spending? Wall Street initially welcomed the earnings. Now investors are reassessing the cost of building Meta's AI future. No financial advice. DYOR