So let’s get right to it, shall we? —Andrew Nusca
P.S. Good one from colleague Nicholas Gordon about China’s “two-speed economy.” Give it a read.
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Meta stock drops 10% as free cash flow gets crushedThe AI trade is coming to a realization: America’s best businesses are turning into utilities.Meta CEO Mark Zuckerberg in Sun Valley, Idaho, on July 9, 2026. (Photo: David Paul Morris/Bloomberg/Getty Images)
Such is the fate that befalls Meta, whose shares fell as much as 10% in after-hours trading Wednesday after the company missed earnings expectations, owing to costs ballooning 55%.
