Meta’s AI spending threatens cash flow, sparking investor backlash
Meta has earmarked about $137.5 billion for AI‑related capital expenditures in 2026, a level that will push the company into negative free‑cash‑flow territory for the first time since its 2012 IPO. Analysts project a further $20 billion cash burn in 2027, and investors are questioning how the AI spend can be justified when returns still hinge on ad revenue alone.