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Core Viewpoint - The article highlights the significant decline in Meta's stock price due to disappointing earnings, raising concerns about the return on massive investments in AI infrastructure by major tech companies [1][2]. Financial Performance - Meta reported Q3 revenue of $51.24 billion, a 26% year-over-year increase, but net profit plummeted 83% to $2.71 billion, with earnings per share at $1.05, far below the market expectation of $6.68 [7]. - The drastic drop in net profit was primarily attributed to a one-time non-cash tax expense of $15.93 billion resulting from the U.S. tax reform [3][7]. - After adjusting for tax impacts, Meta's adjusted earnings per share were $7.25, exceeding analyst expectations of $6.69 [7]. Capital Expenditure and Future Outlook - Meta plans to increase its capital expenditures for the year to between $116 billion and $118 billion, up from a previous estimate of $114 billion to $118 billion [7]. - The company’s CEO, Mark Zuckerberg, indicated that the implementation of the tax reform would significantly reduce federal cash tax payments in the coming years [7]. - Meta's CFO, Susan Li, stated that capital expenditure growth in 2026 would significantly exceed that of 2025, indicating ongoing investment needs [8]. AI Infrastructure Investment - Major tech companies, including Meta, Alphabet, and Microsoft, collectively spent approximately $78 billion on capital expenditures in the last quarter, marking an 89% year-over-year increase, primarily for data center construction and GPU investments [12]. - Alphabet has raised its capital expenditure forecast for 2025 to between $91 billion and $93 billion, reflecting strong demand for its cloud services [13]. - Microsoft reported a record capital expenditure of $34.9 billion in its most recent quarter, driven by accelerating demand across multiple sectors [13][14]. Market Concerns - Investors are increasingly worried about whether the substantial investments in AI infrastructure will yield adequate returns, with analysts questioning if the industry is entering a bubble [14]. - Meta's total costs surged to $30.7 billion in Q3, a 32% increase, outpacing revenue growth and leading to a contraction in operating profit margin from 43% to 40% [11]. - The company’s guidance for Q4 revenue is between $56 billion and $59 billion, which aligns with market expectations, but concerns remain about ongoing cost pressures and declining profit margins [11].