META

Meta Platforms Inc

research_scan theme='ai-capex-ceiling'; value_chain_position='pure-play'; Q2 CY2026 capex $31.08B; FY2026 capex guide narrowed to $130-145B — low end RAISED $5B from prior $125B floor. Q2 total revenue $60.80B (+28% YoY), Family of Apps ad revenue $59.36B. The low-end raise is the load-bearing new datum this cycle — moves C-04 arithmetic contradicts-ward. AVOID per Druckenmiller 13F exit list and C-09 ad-revenue-lag risk.