Meta raises full-year capex guidance to $135B-$145B

The capex range is a narrow technical revision, but the signal is that Meta's AI infrastructure commitment is holding near the top of an already enormous range rather than easing. Revenue guidance landing roughly in line with expectations, paired with a new non-voting share class, points to a company preparing to fund that buildout while managing dilution optics and founder control. For AI-adjacent and data-center-linked markets, Meta remains a demand anchor whose spending plans are read as a proxy for hyperscaler appetite. Whether the upper end of the capex range is actually reached, and how the new share class is structured, are the open questions.