S&P cuts Meta rating outlook to negative on AI spending, cash flow concerns

The signal here is that AI capex is now being assessed through a credit lens, not just an earnings one. S&P's negative outlook ties Meta's AI buildout directly to leverage and cash-flow strain, which matters for any large-cap technology issuer funding compute at scale. The open question is whether debt-funded AI spending becomes a broader ratings theme across the sector, and whether Meta's adjusted leverage trajectory forces a harder conversation about capex discipline before the 2027 threshold is reached.