Meta said it will lift 2026 spending to as much as $135 billion, nearly doubling last year’s outlays, with most of the increase earmarked for AI-related infrastructure. The higher capex comes even as fourth-quarter 2025 expenses outpaced revenue, pressuring margins; shares rose about 6.5% after hours on management’s long-term AI pitch. CEO Mark Zuckerberg said AI “agents” are beginning to materially improve productivity and hinted that automation could shrink some teams, following several hundred layoffs in Reality Labs earlier this year. The surge in spending lands amid broader warnings of froth in AI investing from leaders including Cisco’s Chuck Robbins, JPMorgan’s Jamie Dimon and Google’s Sundar Pichai; OpenAI’s Sam Altman also has cautioned investors may be “overexcited.”
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