Meta 1Q26 Results: AI Is Driving Ads, But Capex Is Getting More Expensive
$Meta Platforms(META.US)
The key question from Meta’s 1Q26 report is not whether AI is working.
It already appears to be showing up in the ad business:
Revenue: US$55.0bn, +33% YoY
Operating income: US$22.9bn, +30% YoY
Ad impressions: +19%, pricing: +12%
But the other side of the story is capex.
Meta raised FY26 capex guidance to US$125–145bn, mainly due to AI infrastructure and data centre investment.
So the real debate may be shifting from AI demand to:
Can the returns justify the spending?
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