AI Monetization and Capex Debate

Meta's $130-145B capex and 91% FCF collapse create investor tension. Bullish signals: Zuckerberg confirms premium AI compute demand, BlackRock venture to finance 1GW data center, 28% ad revenue growth. Bearish: no clear monetization timeline, capex risk. Stock at 17x forward P/E; valuation analysis shows gap between ~$590 price and $1,018 fair value, with stock down YTD and 1-year.