Meta just burned $2.1B in Q3 (operating cash $32.8B vs capex $34.9B). But Q4 is the real story.
Full-year capex guide: $135-145B → implies $49-59B in Q4 alone. Even if they print record operating cash, that's another -$13B to -$23B FCF bleed.
AI capex isn't slowing down. It's eating balance sheets alive. If you're betting on AI infrastructure plays or wondering why tech multiples are compressing, this is why.
Full-year capex guide: $135-145B → implies $49-59B in Q4 alone. Even if they print record operating cash, that's another -$13B to -$23B FCF bleed.
AI capex isn't slowing down. It's eating balance sheets alive. If you're betting on AI infrastructure plays or wondering why tech multiples are compressing, this is why.