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META RAISES $35 BILLION TO FUND AI EXPANSION Meta ($META ) launched a $35B equity offering to finance AI infrastructure, including $22.5B in common stock and $12.5B in convertible preferred shares. $NVDA, $AMD and $AVGO have expressed interest in investing up to $5B combined. Meta targets $135B–$145B in 2026 capex, with another $60B stock-sale program planned for 2027. The key risk: Rising AI financing needs and potential shareholder dilution.

$META Platforms Q3’26 Earnings Highlights 🔹 Revenue: $64.60B (Est. $63.33B) 🟢; +26% YoY 🔹 EPS: $3.83 (Est. $5.89) 🔴; +265% YoY 🔹 DAP: 3.64B; +3% YoY Guide: 🔹 FY26 CapEx: $135B-$145B (Est. $132.08B) 🔹 Q4 Revenue: $73.00B-$76.00B (Est. $73.68B) 🟡 🔹 FY26 Expenses: $175B-$179B 🔹 FY26 Oper. Income: Above 2025 operating income 🔹 Q4 Tax Rate: 15%-17% Segment Revenue: 🔹 Advertising Revenue: $63.06B; +26% YoY 🔹 Family of Apps Revenue: $64.16B 🔹 Reality Labs Revenue: $443M Segment Operating Income: 🔹 Family of Apps: $17.12B 🔹 Reality Labs: ($4.13B) Other Q3 Metrics: 🔹 Ad Impressions: +10% YoY 🔹 Avg. Price per Ad: +14% YoY 🔹 Headcount: 66,775; -15% YoY 🔹 CapEx: $34.91B (Est. $39.72B) 🔹 Operating Cash Flow: $32.79B 🔹 Free Cash Flow: -$2.12B 🔹 Dividend & Equivalents: $1.36B 🔹 Cash & Marketable Securities: $82.45B Financials: 🔹 Oper. Income: $12.99B (Est. $18.66B) 🔴 🔹 Operating Margin: 20%; vs 40% LY 🔹 Net Income: $9.86B (Est. $15.44B) 🔴; +264% YoY 🔹 Long-Term Debt: $80.92B Key Updates: 🔸 Charges related to agreement with U.S. State Attorneys General: $9.9B 🔸 FY26 capex outlook narrowed from $130B-$145B 🔸 New Class C common stock approved, with an effective date in January 2027 🔸 One-time stock dividend of one Class C share for each outstanding Class A and Class B share CEO Commentary: 🔸 “We hit major milestones this quarter toward delivering personal superintelligence for everyone - including launching Muse and Muse Wonder, our first frontier model,” 🔸 “Our investments are paying off, the core business is strong, and we're seeing velocity across the board.”

SALESFORCE TO ACQUIRE BRAZE FOR ABOUT $5.66 BILLION ENTERPRISE VALUE $CRM $BRZE

Citi projects Amazon, Microsoft, Google and Meta to spend $5.35 trillion in cumulative capex from 2027 through 2030. $MSFT $AMZN $GOOG $META

Surveyed Anthropic staff's answers imply 17.1% GDP growth in 2030

פוסט חדש לסיכום הרבעון השלישי! על הריבית, Cirsa שנרכשה, Lumine Group שרוכשת ועוד ועוד... writingtothink.substack.com/…

It took Interactive Brokers almost 30 years to reach 1 million accounts. They've added 1.4 million new accounts in just the last 12 months alone. $IBKR

I honestly think this is intellectually devastating for the Fed and tech supporters, because it shows markets really believe inflationary/long-end yield pressures are due to AI rather than other factors and rate hikes will do the job.

*BERKSHIRE HATHAWAY INVESTS ADDITIONAL $330M IN BENDING SPOONS Today I learned $BRK.B had a stake in $BSP (now 4%)

Core CPI printed at +0.33% in September, about a tenth of a point higher than most forecasters had anticipated. The 3-month annualized rate rose to 3.4% from 2% in August.

BREAKING: Meta’s Muse growth is slowing as downloads fall, new data show. Hunterbrook’s analysis of @tickerplus estimates finds average daily net gains in active users down 62.4% from the September surge, while downloads fell 8.1% week over week.

BROADCOM $AVGO CEO HOCK TAN SAYS SOME AI INVESTORS ARE BETTING LIKE THEY'RE IN A CASINO Tan spoke Monday at an event in Singapore, per Bloomberg. - "A lot of investors have no clue what they are investing in." - He warned a shortage of capital could be the next limit on AI growth - He compared companies spending on AI tokens to kids who burn through $10 of arcade tokens in 10 minutes On the same panel, Intel $INTC CEO Lip-Bu Tan said AI hardware will stay in short supply for the next 2 to 3 years.