Meta's $145B AI Capex and Monetization Progress

Meta's Q2 2026 earnings reveal 1M businesses using Meta Business Agents weekly, shift to per-token pricing, and 60% DAU growth for Meta AI. However, $145B AI spend caused FCF collapse and no buybacks. Muse Glimmer release (open-weight model) rewarded by market despite financial strain. Tension between short-term profit and long-term compounding remains.