Meta's Q3 2025 numbers are out. Revenue jumped 26% to $51.24B. The big news is they raised 2025 CapEx guidance to over $70B, mostly for AI infrastructure like GPUs and data centers. That is a 70% jump from last year. The ad business is holding up well. Impressions are up 14% and price per ad rose 10%. Operating margins are around 40%. They took a huge $15.9B one-time tax charge, but adjusted EPS would have been $7.25. Reality Labs is still a money pit, losing over $4B this quarter with only $470M in revenue. The main debate right now is the ROI on all this spending. Some big funds like Druckenmiller are buying, while others are trimming. Management says the heavy spend is needed for 2026 growth, but margins might get squeezed until then.