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The case for owning Meta into next year runs headlong into a specific problem: the company says it does not have enough compute to serve the demand it already has, and CFO Susan Li declined to say what Meta plans to spend in 2027 to change that.
Meta shares fell after results and guidance disappointed. Microsoft (MSFT) moved the other direction, rising after the company reported positive surprises.
What Zuckerberg's admission costs CEO Mark Zuckerberg's acknowledgment that current compute capacity falls short of existing demand is a capital allocation signal before it is a product complaint.
When a chief executive says supply cannot meet demand, the next question is how much it will cost to close that gap. Li's refusal to quantify 2027 capex leaves that question open. Markets can price a big number.
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