Meta Stock Is Falling. But the Real Story Is What Happened to Its Shareholder Returns

The stock is down roughly 27% from its peak. It closed near $593 last week, having been hammered after Meta raised its 2026 AI spending forecast to between $125 billion and $145 billion. The headlines ask where the price will be in three years. That's the wrong question for people whose first thought about any holding is whether it's still paying them.

Let's start there. The dividend is fine.