Meta

SemiAnalysis: scaling / reasoning / agentic eras; open weights close gap in ~half the time each era (Kimi K2.6 vs Opus 4.5 ~4.8 mo), but benchmarks ≠ product. See AgentX v3, CUDA moat, NVDA.

Meta Q2: revenue $60.801B (+28%), ads $59.363B (+27%); EPS $6.18 missed ~$7.22, OM 31%, FCF compressed. Q3 guide $61–64B; FY26 CapEx $130–145B. See Alphabet, Amazon.

SemiAnalysis: 60GW+ modular capacity; labor bottleneck. https://newsletter.semianalysis.com/p/the-wild-wild-west-of-lego-datacenters

SemiAnalysis: Meta infra culture risk. https://newsletter.semianalysis.com/p/metas-infrastructure-team-needs-a

SemiAnalysis: MSL 1y update. https://newsletter.semianalysis.com/p/the-future-of-meta-superintelligence