Q2 Earnings Miss and Cash Flow Collapse

EPS miss ($6.18 vs $7.22), FCF down 91% to $784M, $2.4B legal charge, $1.18B severance. Stock down 11% after-hours. CFO warns youth trials may cause material loss. Capex guidance $130-145B. Investor sentiment shifts negatively. New articles highlight market penalizing Meta for vague AI spending vs. Microsoft/Amazon, while valuation at 12x price-to-cash flow and bullish counterpoint argue dip is buying opportunity. Deep dive shows exactly where $31.1B capex went and why FCF collapsed. New bullish Seeking Alpha piece argues market missing forest for trees, valuation under 18x forward earnings. Zacks international revenue breakdown shows Europe and Rest of world slightly missed estimates.