Capex intensity
Buildout persists
Capex normalizes
AI capex compresses near-term FCF and reprices META despite an intact ad franchise
AI data-center
buildout
capex spend surge
cash leaves upfront
margin ↓ · FCF ↓
near-term compression
selloff off highs
EPS miss · streak snapped
discount on capex optics
not on ad demand
capex normalizes
FCF · margin recover
buildout persists
compression continues
capex intensity
the lever
advertising franchise
intact · majority of revenue
growing · higher per-ad pricing