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taishiro
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Future commitments, including leases and non-cancellable contracts for data centers, energy, cloud capacity, and Reality Labs hardware, now sit around $825 billion, up sharply from about $700 billion just a few months earlier.
Much of this sits off-balance-sheet or has not yet commenced. On top of that, the company authorized a new class of non-voting Class C shares, classic equity currency designed to fund growth while preserving Zuckerberg’s control. $META
#MetaAISpendingConcerns
taishiro
原因很简单：市场终于开始对融资模式进行定价，而不是对叙述进行定价。
重要的数据非常明显。
2026年全年资本支出指引在低端上调至1350亿至1450亿美元，几乎是2025年约720亿美元支出的两倍。
第三季度自由现金流转为负值，亏损21.2亿美元，这是Meta十多年来首次现金流出，因为该季度约350亿美元的资本支出超过了经营现金流。
#MetaAISpendingConcerns
