Meta burned $2.1B in Q3 free cash flow. Operating cash at $32.8B couldn't cover the $34.9B capex bleed.
Q4 looks worse. Full-year capex guide of $135-145B means they're dropping $49-59B next quarter alone. Even with record operating cash, that's another -$13B to -$23B hole.
AI infrastructure isn't cheap. Meta's running this on balance sheet now. The bet's massive, but the burn rate is real.
Q4 looks worse. Full-year capex guide of $135-145B means they're dropping $49-59B next quarter alone. Even with record operating cash, that's another -$13B to -$23B hole.
AI infrastructure isn't cheap. Meta's running this on balance sheet now. The bet's massive, but the burn rate is real.
