AI capex intensity
high
AI monetization recycle
off
AI capex drains free cash flow and inverts Meta's capital-return program
core ad engine
operating cash flow
ad cash inflow
AI capex sink
compute buildout
free cash flow
FCF gate
nearly closed
buybacks
paused
dividend
debt-funded
new debt
backstop
monetization
recycles OCF
recycle forward
returns cash-funded
erode
FCF near zero
drag capex intensity · toggle AI monetization recycle