Meta spent like a hyperscaler and got punished like a bubble.

The number that framed Meta's Q2 for me wasn't the EPS miss but the free cash flow number, $784m, down 91% yoy. Capex hit $31.1b in the quarter and fy guidance sits at $130-145b. For a company that used to be a cash printing machine, that shift in spending is what scared most retail and drove the sell off. Steelmanning the bears because they won the day with Meta dropping 9%. Meta is the only one of the mega cap AI spenders without a cloud business. Microsoft reported Azure up 43% and crossed $1

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