Kunst: Meta has a lot of capex that doesn't necessarily translate to a return on investment

Group 1: Capital Expenditure and Market Reactions - The company raised its capital expenditure (capex) guidance by approximately $2 billion, which is perceived as a minor increase in the current market context [1] - Investors reacted sharply to the capex spending and a $16 billion charge, indicating that surprises in financial reporting are generally unwelcome [3] Group 2: Microsoft and OpenAI Developments - Microsoft reported strong results, with a significant increase in Remaining Performance Obligations (RPO) by 51% to $392 billion, suggesting potential growth from its investment in OpenAI [4][5] - There are concerns regarding the long-term profitability and operational costs associated with AI investments, as the development costs may not follow a predictable trend [9][10] Group 3: OpenAI's Market Position and IPO Speculations - OpenAI's ChatGPT has 800 million weekly users, while Google's Gemini has 650 million monthly users, highlighting the competitive landscape in AI [10][12] - Reports suggest that OpenAI is considering an IPO that could value the company at $1 trillion, with a potential filing in the second half of 2026, raising questions about market appetite for a non-profitable company [14][16]