The market rewarded $Meta Platforms(META.US) for spending more and punished $Tesla(TSLA.US) for spending less, and I thi…

The market rewarded $Meta Platforms(META.US) for spending more and punished $Tesla(TSLA.US) for spending less, and I think that comes down to proof. Meta's revenue grew 26% to a record 64.6 billion USD and its shares rose after hours even as it lifted its capex forecast to as much as 145 billion USD, so investors can see the ad business paying for the AI push. Tesla beat on earnings but its shares reversed after it cut its 2026 capex forecast to about 20 billion USD from over 25 billion, and they were down almost 5% before the open on Thursday. A spending cut at a company priced on robots and autonomy raises doubts about those ambitions, especially with the stock trading at roughly 195 times a simple earnings run rate. My takeaway is that heavy spending is forgiven when revenue backs it up, while a valuation built on future promises has little room for any sign of retreat.