Meta Bets Big on AI Buildout With Up to $145B Spend in 2026

Meta Platforms plans a massive AI-infrastructure push, guiding up to $145 billion in capex for 2026 and aiming to monetize excess compute by selling capacity to third parties. The move coincides with a Q2 2026 showing rising costs (R&D up ~68%) and a -8% drop in operating income, while free cash flow plunges to about $784 million and the balance sheet weakens with higher debt and shrinking cash. No share buybacks occurred in the first half of 2026. Investors will judge the AI investment on the returns it delivers, especially if free cash flow remains negative in 2026–27.