$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.

Meta’s next earnings report has me thinking about one thing: how long before all this AI spending starts paying off? 👀 Revenue is expected to hit around $63B, while Q3 capex is estimated at $40.97B. That’s a huge amount of money going into infrastructure. I’m interested in how much of that investment is translating into real business growth, not just better AI models. The revenue numbers matter, but the guidance on future spending and returns could tell us much more. $META

Good morning, Investors. $META missed EPS by 44% on paper. $3.83 versus $6.80 expected. And the stock went up after hours. Because the real story is revenue. Record $64.6 billion, up 26% year over year and above expectations. Q4 guidance of $73 to $76 billion beats the Street again. Smart money looked past the headline. The ad engine is stronger than ever and the AI spending is starting to pay off. On top: a 2 for 1 stock split. Today’s open → the market delivers its verdict. The trend is your friend.

META reported $64.6 billion in revenue for the third quarter of 2026, exceeding expectations.

The sole reason for today’s waterfall: Meta’s Q3 earnings report. Meta’s Q3 financial statements slightly exceeded market expectations, but now merely surpassing revenue forecasts isn’t enough—the market demands clear pathways to AI monetization and improved capital efficiency. Meanwhile, Meta’s personal assistant, Muse, remains in its early stages, burning cash to acquire users, with its primary use case still centered on online shopping. Under these conditions, Meta confirmed and raised its full-year 2026 Capex guidance floor to $135–145 billion, while financing its AI initiatives through the issuance of non-voting Class C shares. This further reinforces market concerns about “massive investments, long payback periods, and pressure on free cash flow.” $META

JUST IN: $META reports $64.6 billion in revenue for Q3 2026, beating expectations.

🚨 BREAKING: META SURGES AFTER Q3 EARNINGS BEAT 📈🔥 $META is up more than 5% after reporting stronger-than-expected Q3 2026 earnings, sending shares sharply higher. 📈 META: +5% 💰 Earnings beat expectations 🔥 Investors react positively to the results 👀 Big Tech momentum back in focus Can Meta extend the rally from here? 🚀 #Meta #META #MetaStock #Earnings #BigTech #TechStocks #StockMarket #WallStreet #Investing #Trading #Nasdaq #MarketUpdate #Finance

Meta’s Q3 results exceeded expectations, as previously discussed: revenue reached $64.6 billion, surpassing the market expectation of $63.3 billion (and institutional forecasts averaging $63.8 billion), representing a 26% year-over-year growth. For Q4, revenue guidance is set between $73 billion and $76 billion, with a midpoint of $74.5 billion, above the market expectation of $73 billion. Free cash flow turned negative at $2.2 billion—the first such occurrence since going public—but was significantly better than the market expectation of a $9.4 billion outflow. The company raised its 2026 capital expenditure guidance floor from $130 billion to $135 billion. EPS came in at $3.83, below the expected $6.54, primarily due to a $9.89 billion legal settlement charge. Excluding this one-time item, adjusted EPS was $7.40, exceeding market expectations. Net income totaled $9.86 billion, with a net margin of approximately 15.3%. In summary, revenue and guidance both surpassed expectations, but profit quality was distorted by a one-time legal expense; AI investments are pressuring margins and free cash flow. From an investment perspective: 1) The actual performance of the advertising business was stronger than feared prior to the earnings release. Even though new AI products have not yet generated significant standalone revenue, Meta retains a robust operational foundation. 2) Muse’s progress is noteworthy. It has now delivered real-world usage data—including setup, daily interaction, and transactional use—making its commercial value easier to assess than when it was merely a product demo. Management’s early consideration of monetization signals recognition that agent-based services require new operational models to address cost structures. 3) The enterprise platform business is just beginning, with its product lineup now clearly defined; actual business metrics may emerge in Q4. Meta is advancing its vision of “personal superintelligence” from concept toward productization and commercialization: Muse serves as the core driver, advertising remains the cash flow engine, AI capital expenditures represent the largest mid-term investment, and non-voting Class C shares function as a tool to balance financing needs with control retention.

Meta’s Muse has 10.9 million downloads since launching on 8 September. It reached 2.5 million daily users for the first time last Thursday. More than 10.2 million of those downloads are American. Downloads measure curiosity. Daily users measure a habit.

$META Q3: a beat with a bill attached. Revenue of $64.6B beat the $63.3B estimate and EPS of $3.83 topped $3.57, but operating income near $13B badly missed the $20.9B expected. Q4 revenue guided to $73-76B. 2026 capex now seen at $135-145B.