Overview
- Shares fell almost 17% across four sessions, erasing about $307 billion in market value in the worst multi‑day drop since November 2022.
- Meta lifted 2025 capital‑expenditure guidance to $70–$72 billion and signaled 2026 will be notably larger as it builds AI infrastructure, CFO Susan Li said.
- CEO Mark Zuckerberg defended front‑loading capacity for Meta Superintelligence Labs as preparation for potential breakthroughs in artificial general capabilities.
- Skeptics highlighted unclear monetization without an enterprise cloud business, with Oppenheimer downgrading the stock and Bank of America warning on earnings quality tied to off‑balance‑sheet debt and a large write‑off.
- Supporters pointed to strong Q3 results and a discounted valuation, noting revenue rose 26% to $51.2 billion with adjusted EPS beating forecasts, and some commentators, including Jim Cramer, called the sell‑off overdone.