Mark Zuckerberg, Meta Platforms' (NASDAQ: META) founder and CEO, views artificial intelligence (AI) as a generational opportunity. Therefore, the spending seems to have no upper limit, with $135 billion to $145 billion planned in capital expenditures (capex) in 2026. That number will surely be much higher next year. The company's operating margin was cut in half to 20% last quarter (Q3 2026 ended Sept. 30), dropping from 40% in the year-ago period. Moreover, the business reported negative free cash flow (FCF) of $2.1 billion during Q3. These trends underscore the need to be more critical of the direction the social media giant is heading as it embarks on what might be a long-term capex spree. Here are three metrics investors should watch to gauge whether Meta Platforms' AI spending is paying off.
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