With Big Tech’s AI and data-center spending back under the microscope, Meta Platforms Inc (NASDAQ:META) faces a prove-it moment when it reports earnings on Wednesday — investors want evidence that heavier CapEx is translating into durable, cash-generative growth.

Here's what investors need to know.

Meta Platforms shares are advancing steadily.

Why is META stock advancing?

META Earnings Preview: EPS, Revenue And Valuation Setup Wednesday’s print is a direct test of whether Meta can deliver strong ad-led growth while convincing the market its AI buildout won’t erode profitability and cash generation.