Meta's Capex Frenzy Could Keep Shares Under Pressure

Meta’s upcoming Q2 earnings will center on its capex plan, with expectations that 2026 capex could exceed the current $125–$145 billion guidance and 2027 capex rise to the low-to-mid $200 billions (Deutsche Bank cites roughly $210–$215B for 2027 and about $265B for 2028). The stock has lagged for a year, and investors worry higher spending could weigh cash flow even as Instagram/Facebook monetization remains muted; a potential third-party cloud venture could deliver a direct revenue stream to offset some costs.