Meta's $64.6 Billion Quarter Hides the Real Story: The AI Race Just Started Costing More Than It Earns

Meta just posted a 26% revenue surge to $64.6 billion, yet the number that matters most went the other way. Free cash flow turned negative as AI spending outran the ad business for the first time this cycle. The Q4 math suggests the bill is about to get even bigger. So how long will investors keep paying?