Spend Continues, Scrutiny Rises

Meta continues its AI infrastructure program despite S&P’s warning, arguing that capacity constraints would be more costly than near-term negative free cash flow. Investors remain divided between long-term AI optionality and the risk that leases and hardware commitments weaken Meta’s balance-sheet flexibility.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.