The cash flow collapse was driven by capital expenditure of US$31.1 billion in the quarter alone, with Meta now forecasting full year spending of between US$130 billion and US$145 billion on memory chips, data centres and AI infrastructure. If no deals are struck, estimated annual liabilities are roughly $202.5 million for Google, $33.75 million for Meta and $16.9 million for TikTok. Some observers claim the Government’s pursuit of Meta is a factor in recent additional US tariffs imposed on Australia. Advertisers Question APAC GrowthThe result has also raised questions about whether Australian advertisers are cooling on Meta. Meta does not break out Australian revenue, however the NBI captures companies with more than $250 million in local revenue, and Meta’s actual Australian ad billings are widely estimated in the low billions of dollars, with most booked offshore.