Negligible Capital

*META PLANS NONVOTING SHARES, EYEING MORE STOCK SALES: SEMAFOR "The plan, which could be announced as soon as Wednesday when Meta reports quarterly earnings, will allow the company to issue new stock — for acquisitions, to lure top AI talent, and to pay for chips — without diluting Mark Zuckerberg’s control."

*META CREDIT RISK GAUGE REACHES FRESH HIGH ON AI SPENDING PLANS Interesting given how it seems clear they're shifting to issuing equity more so than debt

*META ESTABLISHES NEW NON-VOTING CLASS C COMMON STOCK *META SEES FY CAPEX $135B TO $145B, SAW $130B TO $145B *META SEES 4Q REV. $73B TO $76B, EST. $73.57B Capex raise for ants

Unfortunately I don’t think $META trades well in the near term and probably goes back to being a funding short Everyone has known Zuck has sorta been flying blind when it comes to AI (he even said so with Wang when he tried to chew that pint down like it was vodka) and tonight didn’t really help. Muse monetization feels very uncertain, at least with respect to timing. I also still think people enjoy shopping and buying things themselves (especially people who typically buy things off Instagram and Facebook) but that’s up for debate and will take time to prove out. Anecdotally, myself and everyone I’ve talked to about Muse now struggle to find reasons to use it regularly I think Muse monetization will probably turn guilty of being a disappointment until it’s proven otherwise, which could take a very long time Not to mention the equity issuance overhang and not providing FY27 revenue guidance leaves even more uncertainty. It’s been a great rally for Meta recently but I fear it could be headed back to the doghouse

*US PREPS DEPARTURE ORDER OF SOME STAFF FROM GULF EMBASSIES:RTRS US State Dept. preparing to issue an ordered departure of some personnel and family members at US embassies across the Gulf - Reuters