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$META is down 6% because of the capex guide. Deja vu: We saw this when they reported Sep-25. Capex is expected to grow this year by 94%, vs. the Street was expecting 76%. My take: I continue to be surprised by investors negative capex reaction. We have enough datapoints from Meta that show these investments are paying off. Revenue in March grew at 33% yy, and they guided to 28% in June. That compares to March of 2025 up 16%.