Meta Spent $145 Billion on AI. The Market Answered in Three Days.

The earnings results themselves were unambiguous by any ordinary standard. Meta's 33% revenue growth and $26.77 billion in net income — a 61% jump that included a one-time tax benefit — would, as one analyst framed it, have been cause for a quiet CNBC celebration on any normal Wednesday. Instead, the stock dropped 8% in after-hours trading. What made this quarter different was not a miss on any line item — it was the company's own forward guidance, which turned a strong quarter into a referendum on whether Meta's AI…