● META'S FREE CASH FLOW TURNS NEGATIVE ON AI CAPEX

Meta Platforms burned more cash than it generated in the third quarter, as its AI infrastructure buildout accelerated faster than the business could fund it. Capital expenditures, including finance lease payments, hit $34.91 billion in the quarter, outpacing the $32.79 billion in cash from operations and leaving free cash flow at negative $2.12 billion. A year earlier, Meta posted positive free cash flow of $10.63 billion in the same quarter. The AI spending race is now eating into the cash Big Tech used to hoard, not just its margins.