This is the classic late-cycle AI question finally hitting the tape: how much CapEx can you fund with debt + dilution before the market stops, giving you the benefit of the doubt? Meta’s free cash flow flipping negative for the first time in over a decade + a new non-voting share class is the clearest signal yet. The street is no longer just underwriting the AI story it’s underwriting the financing of the AI story. The same dynamic hit the semis hard (SOX -6.7%).
