The Index › AI compute › Whose business is AI itself?
Meta
METAMeta sells advertising and runs social apps such as Facebook and Instagram, and it builds AI models for its own products. We follow it because its business is AI itself.
Checked against the company's own business description in its latest annual filing. · entry updated 2026-10-19
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The living report
Bears on our standing view that spending on the AI build is running ahead of its revenue. It is proved wrong if cloud revenue keeps pace with contracted backlog through the next two rounds of reports, and no other big buyer starts renting out spare capacity.
last revised 19 Oct 2026 · next scheduled disclosure not yet announced
The full report
Members: queues this company for a report on a coming night.
The market record
Free during the preview. Each figure shows only where two independent data providers, Massive and Yahoo, agree on it to the cent; a figure they do not agree on is left out. Dated, not live. It describes; it does not recommend.
Last close$641.37
close of 9 Nov 2026 · Massive and Yahoo agree
close of 9 Nov 2026 · Massive and Yahoo agree
The day's range$630.00 – $647.25
9 Nov 2026 · both providers agree
9 Nov 2026 · both providers agree
52-week range$520.26 – $779.82
intraday low 27 Mar 2026 · intraday high 24 Sep 2026 · 251 sessions to 9 Nov 2026 · both providers agree
intraday low 27 Mar 2026 · intraday high 24 Sep 2026 · 251 sessions to 9 Nov 2026 · both providers agree
Filings
Newest first, from EDGAR. Where a piece read a filing, one line of what it said.
5 Nov 20268-K · period ending 3 Nov 2026
29 Oct 20268-K · period ending 26 Oct 2026
22 Oct 202610-Q · period ending 30 Sep 2026
21 Oct 20268-K · period ending 19 Oct 2026
On 21 October 2026 Meta filed its third-quarter results. the piece
On 21 October 2026 Meta filed its third-quarter results. the piece
30 Jul 202610-Q · period ending 30 Jun 2026
29 Jul 20268-K · period ending 29 Jul 2026
Meta reported second-quarter results on 29 July: purchases of property and equipment of $30.1bn in the quarter, within year-to-date purchases of $49.1bn, and a capex range for the year narrowed to $130–145bn. the piece
Meta reported second-quarter results on 29 July: purchases of property and equipment of $30.1bn in the quarter, within year-to-date purchases of $49.1bn, and a capex range for the year narrowed to $130–145bn. the piece
29 May 20268-K · period ending 27 May 2026
4 May 20268-K · period ending 30 Apr 2026
30 Apr 202610-Q · period ending 31 Mar 2026
29 Apr 20268-K · period ending 29 Apr 2026
14 Apr 20268-K · period ending 8 Apr 2026
29 Jan 202610-K · period ending 31 Dec 2025
28 Jan 20268-K · period ending 28 Jan 2026
16 Jan 20268-K · period ending 12 Jan 2026
19 Dec 20258-K · period ending 19 Dec 2025
12 Dec 20258-K · period ending 5 Dec 2025
3 Nov 20258-K · period ending 30 Oct 2025
30 Oct 202510-Q · period ending 30 Sep 2025
29 Oct 20258-K · period ending 29 Oct 2025
31 Jul 202510-Q · period ending 30 Jun 2025
30 Jul 20258-K · period ending 30 Jul 2025
30 May 20258-K · period ending 28 May 2025
1 May 202510-Q · period ending 31 Mar 2025
30 Apr 20258-K · period ending 30 Apr 2025
11 Apr 20258-K · period ending 11 Apr 2025
20 Feb 20258-K · period ending 13 Feb 2025
30 Jan 202510-K · period ending 31 Dec 2024
29 Jan 20258-K · period ending 29 Jan 2025
6 Jan 20258-K · period ending 30 Dec 2024
Where it sits in the frame
AI compute is now two businesses
AI compute has split into a rented market and a government-funded one.
Tested by
Spending on the AI build is running ahead of its revenue OPEN
Reports next
not yet announced
Latest disclosed
10-Q · filed 2026-07-30 · period ending 2026-06-30
Machine-readable
What it has disclosed
Newest first. Every figure traces to a filing; "Show sources" shows which.
21 Oct 2026Meta filed its Q3 2026 results (8-K): 21 October 2026Meta Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1), Meta Platforms / SEC, Oct 21, 2026 · filing
21 Oct 2026Meta full-year 2026 capex outlook: $135–145 billionMeta Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1), Meta Platforms / SEC, Oct 21, 2026 · filing (narrowed from $130–145 billion)
30 Sep 2026Meta revenue growth, Q3 2026: 26%Meta Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1), Meta Platforms / SEC, Oct 21, 2026 · filing (vs Q3 2025 revenue)
30 Sep 2026Meta capital expenditures incl. finance lease principal, Q3 2026: $34.91 billionMeta Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1), Meta Platforms / SEC, Oct 21, 2026 · filing
29 Jul 2026Meta implied H2 2026 capex from narrowed range (brief arithmetic): $79–94bnMeta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing
29 Jul 2026Meta 2026 capex range: $130–145bnMeta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing (narrowed from $125–145bn prior outlook)
30 Jun 2026Meta Q2 2026 purchases of property and equipment: $30.1bnMeta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing
30 Jun 2026Meta year-to-date purchases of property and equipment: $49.1bnMeta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing
30 Jun 2026Meta Q2 2026 revenue growth: 28%Meta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing (year over year)
30 Jun 2026Meta Q2 2026 income from operations fell 8%: 8%Meta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing (year over year)
30 Jun 2026Meta Q2 2026 income from operations: $18.8bnMeta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing
30 Jun 2026Meta Q2 2026 operating margin: 31%Meta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing
30 Jun 2026Meta Q2 2026 capex including finance-lease principal payments: $31.08bnMeta Reports Second Quarter 2026 Results, Meta Platforms Inc., 2026-07-29 · filing
Mentioned in
Every piece that names this company, newest first: what it said, and the standing view it bore on. Written when the piece is committed; never edited, never removed.
22 Oct 2026Can the last week of October confirm the frame, or only break it?
Bears on our standing view that the Fed under Warsh keeps raising rates into this inflation.
Bears on our standing view that the Fed under Warsh keeps raising rates into this inflation.
21 Oct 2026Backlog and capital spending are two measures, not yet two businesses
Bears on our standing view that spending on the AI build is running ahead of its revenue.
Bears on our standing view that spending on the AI build is running ahead of its revenue.
Same question
Other companies under Whose business is AI itself?
This entry
19 Oct 2026Entry rewritten in plain words: what the company sells, and why we follow it.
12 Oct 2026Verified against the 10-Q filed 2026-07-30 at launch.
Prices on this page are dated market records, shown free during the preview, each confirmed by two independent data providers. None is a recommendation.
Record
Written according to the Grant Bishop standard — machine-researched, machine-checked, human-judged; then read and committed by the publisher. Every number traces to a filing or a dated market record; every claim carries a date and what would prove it wrong.
- Verification
- multi-source verified, machine-drafted, human-gated
- As of
- 2026-07-30
- Position disclosure
- The publisher holds index-level U.S. equity exposure and no direct position in any single name discussed.
- Not advice
- General commentary for a general audience. Not advice for your situation.
Sources (12)
18-K, filed 5 Nov 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000119312526450074/d166273d8k.htm
28-K, filed 29 Oct 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000119312526438017/d183592d8k.htm
310-Q, filed 22 Oct 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026066773/meta-20260930.htm
48-K, filed 21 Oct 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-20261019.htm
510-Q, filed 30 Jul 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026050705/meta-20260630.htm
68-K, filed 29 Jul 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026050596/meta-20260729.htm
78-K, filed 29 May 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026039193/meta-20260527.htm
88-K, filed 4 May 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000119312526204128/d134616d8k.htm
910-Q, filed 30 Apr 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026028526/meta-20260331.htm
108-K, filed 29 Apr 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026028364/meta-20260429.htm
118-K, filed 14 Apr 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026025108/meta-20260408.htm
1210-K, filed 29 Jan 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm