Meta tops Q3 forecasts as AI spending drives first negative free cash flow in over a decade - [Read more](

Meta reported third-quarter results that beat analyst forecasts, but the company also posted negative free cash flow for the first time in more than a decade as capital expenditure on artificial intelligence infrastructure rose sharply. The transmission mechanism runs through the cash-generation channel: a swing to negative free cash flow forces the market to reassess whether heavy AI capex can be funded from operating cash flow or will increasingly require external financing, which shifts the valuation debate from earnings growth toward return on invested capital. META shares are the most directly exposed, since the stock's premium multiple has rested on its historically strong cash conversion and buyback capacity. Peers with large AI build-outs, including other hyperscale cloud and advertising platforms, face similar scrutiny over whether spending translates into revenue. Traders should watch the company's guidance on full-year capital expenditure and any commentary on debt issuance or buyback pacing in the upcoming earnings call and subsequent quarterly filings.

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