META: The Market Is Punishing Meta for Spending Money While It Prints $26.8 Billion a Quarter

The story that killed Meta's stock since last August isn't a revenue problem. It isn't a margin problem. It's a capex problem - or rather, Wall Street's interpretation of it. Meta shares have fallen roughly 23% from their August 2025 all-time high of $788, and the trigger was a company that reported 33% revenue growth, a 41% operating margin, and $26.8 billion in quarterly net income.

That's the disconnect. The market is selling a company because it plans to spend $125–145 billion on AI infrastructure - as if the machine generating $56.3 billion in quarterly revenue needs the penalty applied.