Meta just poured billions into AI—spending $19.8 billion in Q1 alone, up 50% from last quarter—while keeping just $784 million in cash. Their free cash flow tanked from $12.4B to under $1B, and they’ve already bumped up 2026’s capex forecast to $130–145B. But their ad business? Still flying: impressions up 14%, ad prices up 12%, and 3.6B daily users. Revenue growth slowed to 28%, but with $60B in quarterly revenue, they’re betting big on AI—and the ads are still paying the bills.

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