Meta's Q2 earnings call is today. Investors want some proof that big AI spending is starting to pay off.

Meta's disappointing revenue forecast puts AI spending under the microscope

Meta beat Q2 revenue ($60.8B vs $60.2B expected) but EPS missed by 13% as capex jumps to $125–145B for AI infrastructure. Investors are questioning if AI capex will generate near-term revenue or if Meta's spending remains an expensive experiment without ROI.