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(2) Put another way, $META increased its capital base 45% Y/Y in the 2Q, from $145B to $210B, or $65B. Yet annualized D&A increased only $2.8B ($700M x 4) in the recent 2Q. That’s 22-year life, on the margin. Whatever you think of the stock price here-that’s patently absurd. (3) I would also note that $META is now growing its capital base more than 2x its revenues, 45% vs 21%. And for those of you posting/asking, we have NO short position/recommendation in $META.