Meta can’t shake the capex bears. Growth of 33% was better than the whisper of 32%. Guided June to 28% vs. Street at 25%. Investors opted instead to focus on capex growth this year going to 93% growth compared to previous expectations of 73%. I see the concern overblown. Meta has shown they can meaningfully accelerate revenue from capex. March of 25 it was up 16%. This June it will grow 28% plus.

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