They’re running out of patience for the “spend now, returns later” narrative that’s powered the AI infrastructure story for the past two years. The company’s AI business had already surpassed a $37 billion annual revenue run rate, and Azure demand was reportedly exceeding available capacity. Any update on the pace of that spend, or on when it expects AI infrastructure costs to start converting more directly into margin, will move the stock. Meta’s monetisation path is more indirect, running primarily through advertising effectiveness and engagement improvements that are harder to attribute specifically to AI spending. The original rationale justifying that spending was that AI infrastructure would compound into dominant market positions and defensible revenue streams.