Meta Platforms is asking investors to look beyond today's cash flow and focus on what it believes will become one of the world's largest artificial intelligence businesses.
The company raised the lower end of its 2026 capital expenditure forecast to between $130 billion and $145 billion after reporting second-quarter results, signaling that spending on AI infrastructure remains a top priority despite mounting investor concerns over the pace of investment. The guidance increase came alongside another quarter of strong revenue growth, but shrinking free cash flow renewed questions about how quickly those investments can begin producing meaningful financial returns. The company's stock is tanking following the results. It dropped close about 9% at 9:53 a.m. ET.
