Meta Stock Buy Thesis After $145 Billion AI Spend

Meta Platforms stock sits at $593.48, down 9.94% year-to-date, despite generating $46.1 billion in free cash flow in fiscal 2025. The company plans $125 billion to $145 billion in AI capital expenditures, self-funded by operations. Reality Labs lost $19 billion in 2025, but the ad business serving 3.56 billion daily users remains profitable.