$META Nothing in the release reads like a company getting ready to blink. The ad business beat and guided ahead of the street for the holidays. The low end of this year's spending plan went up again, which puts the fourth quarter alone somewhere around $50 to $60 billion. Free cash flow went negative, there hasn't been a buyback all year, and Meta just approved a new class of non-voting stock with capital raising listed among the reasons. When a company builds itself a new way to raise money in the same quarter its free cash flow goes negative, I tend to believe the spending plan. The release doesn't put a number on 2027 spending, though. It says the budget is still being worked out and that Meta will keep investing aggressively, so the number this whole group has been waiting on now re
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