Is AI a bubble? Five numbers to check instead of guessing
A plain framework for judging the AI spending boom: capex versus revenue, versus cash flow, depreciation, debt and supplier orders. Worked through with Meta's Q3 2026 release.
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capex
Meta's Q3 2026 earnings: revenue up 26%, free cash flow below zero
Meta grew revenue 26% in Q3 2026 while spending $34.9 billion on capital expenditures, more than its operating cash flow. Here are the numbers that matter, from the company's own release.