● META MARGIN HALVES AS AI SPENDING SURGES

Meta's operating margin nearly halved to 20% in the third quarter, down from 40% a year earlier, even as revenue kept growing. The company pointed to heavier infrastructure costs and narrowed its 2026 capital expenditure guidance to $135-145 billion, raising the floor from its prior $130 billion estimate. $META shares fell sharply in the session after the report, erasing an earlier rally.