#capex

The discussion focused on a sharper bottleneck than GPU branding: memory is becoming the largest cost center in AI infrastructure.

Meta reported Q1 2026 revenue of $56.3 billion (+33% YoY), with net income rising 61%. But investors pushed the stock down 6–10% after Meta raised its full-year AI capex forecast to $125–145 billion, citing higher component costs and new data center buildouts.

Meta's new spending range says the hyperscaler arms race is getting more expensive, not calmer. Reuters reports the company raised 2026 capital expenditure guidance to $125 billion-$145 billion, and the stock fell more than 6% after hours.