{
 "ticker": "META",
 "name": "Meta",
 "url": "https://grantbishop.pages.dev/index/META",
 "sells": "Meta sells advertising and runs social apps such as Facebook and Instagram, and it builds AI models for its own products.",
 "why": "We follow it because its business is AI itself.",
 "questions": [
  {
   "slug": "ai-itself",
   "question": "Whose business is AI itself?",
   "url": "https://grantbishop.pages.dev/index/q/ai-itself"
  }
 ],
 "tests": [
  {
   "id": "W-6",
   "claim": "Spending on the AI build is running ahead of the revenue it produces.",
   "url": "https://grantbishop.pages.dev/claims/ai-spending-ahead-of-revenue"
  }
 ],
 "reports_next": null,
 "latest_disclosed": {
  "form": "10-Q",
  "filed": "2026-07-30",
  "period": "2026-06-30",
  "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026050705/meta-20260630.htm"
 },
 "disclosed": [
  {
   "date": "2026-10-21",
   "figure": "21 October 2026",
   "what": "Meta filed its Q3 2026 results (8-K)",
   "source": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-09302026xexhibit991.htm"
  },
  {
   "date": "2026-10-21",
   "figure": "$135–145 billion",
   "what": "Meta full-year 2026 capex outlook",
   "source": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-09302026xexhibit991.htm"
  },
  {
   "date": "2026-09-30",
   "figure": "26%",
   "what": "Meta revenue growth, Q3 2026",
   "source": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-09302026xexhibit991.htm"
  },
  {
   "date": "2026-09-30",
   "figure": "$34.91 billion",
   "what": "Meta capital expenditures incl. finance lease principal, Q3 2026",
   "source": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-09302026xexhibit991.htm"
  },
  {
   "date": "2026-07-29",
   "figure": "$79–94bn",
   "what": "Meta implied H2 2026 capex from narrowed range (brief arithmetic)",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-07-29",
   "figure": "$130–145bn",
   "what": "Meta 2026 capex range",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-06-30",
   "figure": "$30.1bn",
   "what": "Meta Q2 2026 purchases of property and equipment",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-06-30",
   "figure": "$49.1bn",
   "what": "Meta year-to-date purchases of property and equipment",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-06-30",
   "figure": "28%",
   "what": "Meta Q2 2026 revenue growth",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-06-30",
   "figure": "8%",
   "what": "Meta Q2 2026 income from operations fell 8%",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-06-30",
   "figure": "$18.8bn",
   "what": "Meta Q2 2026 income from operations",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-06-30",
   "figure": "31%",
   "what": "Meta Q2 2026 operating margin",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  },
  {
   "date": "2026-06-30",
   "figure": "$31.08bn",
   "what": "Meta Q2 2026 capex including finance-lease principal payments",
   "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx"
  }
 ],
 "check": "Checked against the company's own business description in its latest annual filing.",
 "log": [
  {
   "date": "2026-10-19",
   "note": "Entry rewritten in plain words: what the company sells, and why we follow it."
  },
  {
   "date": "2026-10-12",
   "note": "Verified against the 10-Q filed 2026-07-30 at launch."
  }
 ],
 "living_report": {
  "report": false,
  "last_revised": null,
  "next_disclosure": null,
  "timeline": [
   {
    "form": "8-K",
    "filed": "2026-11-05",
    "period": "2026-11-03",
    "url": "https://www.sec.gov/Archives/edgar/data/1326801/000119312526450074/d166273d8k.htm",
    "what_it_said": null,
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   },
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    "filed": "2026-10-29",
    "period": "2026-10-26",
    "url": "https://www.sec.gov/Archives/edgar/data/1326801/000119312526438017/d183592d8k.htm",
    "what_it_said": null,
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   },
   {
    "form": "10-Q",
    "filed": "2026-10-22",
    "period": "2026-09-30",
    "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066773/meta-20260930.htm",
    "what_it_said": null,
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   },
   {
    "form": "8-K",
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    "period": "2026-10-19",
    "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-20261019.htm",
    "what_it_said": "On 21 October 2026 Meta filed its third-quarter results.",
    "from_piece": "https://grantbishop.pages.dev/pieces/ai-demand-two-businesses"
   },
   {
    "form": "10-Q",
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    "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026050596/meta-20260729.htm",
    "what_it_said": "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.",
    "from_piece": "https://grantbishop.pages.dev/pieces/test-week-must-fed-statement-largest-ai-spenders"
   },
   {
    "form": "8-K",
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    "period": "2026-05-27",
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    "form": "10-K",
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   }
  ],
  "history": []
 },
 "market": {
  "rule": "Each figure is kept only where Massive and Yahoo agree on it to the cent; a figure they do not agree on is null. Dated, not live. The market value and the forward multiple are computed from the close.",
  "last_close": {
   "value": 641.37,
   "currency": "USD",
   "as_of": "2026-11-09",
   "providers": [
    "Massive",
    "Yahoo"
   ]
  },
  "day_range": {
   "low": 630,
   "high": 647.25,
   "currency": "USD",
   "as_of": "2026-11-09",
   "providers": [
    "Massive",
    "Yahoo"
   ]
  },
  "range_52_week": {
   "low": 520.26,
   "low_date": "2026-03-27",
   "high": 779.82,
   "high_date": "2026-09-24",
   "sessions": 251,
   "currency": "USD",
   "as_of": "2026-11-09",
   "providers": [
    "Massive",
    "Yahoo"
   ]
  },
  "market_value": null,
  "forward_multiple": null,
  "checked_at": "2026-11-10 05:30:40"
 },
 "exhibits": null,
 "mentions": [
  {
   "date": "2026-10-22",
   "slug": "test-week-must-fed-statement-largest-ai-spenders",
   "headline": "Can the last week of October confirm the frame, or only break it?",
   "url": "https://grantbishop.pages.dev/pieces/test-week-must-fed-statement-largest-ai-spenders",
   "line": null,
   "idea": {
    "id": "W-5",
    "text": null,
    "url": "https://grantbishop.pages.dev/claims/fed-keeps-raising-into-inflation"
   }
  },
  {
   "date": "2026-10-21",
   "slug": "ai-demand-two-businesses",
   "headline": "Backlog and capital spending are two measures, not yet two businesses",
   "url": "https://grantbishop.pages.dev/pieces/ai-demand-two-businesses",
   "line": null,
   "idea": {
    "id": "W-6",
    "text": null,
    "url": "https://grantbishop.pages.dev/claims/ai-spending-ahead-of-revenue"
   }
  }
 ],
 "note": "Prices on this page are dated market records, shown free during the preview, each confirmed by two independent data providers. None is a recommendation.",
 "license": "Free to cite with a link."
}