J P M O R G A N North America Equity Research 30 July 2026 Meta Platforms Inc Continued Ad Strength, But Limited Visibility Into Newer Forms of AI Monetization; Raising 2027 Capex Meaningfully, With More Optionality in 2028; Remain Neutral; $640 PT Meta shares traded down ~7.5% post-close as visibility into monetizing AI spend beyond advertising remains limited. 2Q revenue growth (+27% FXN) & the 3Q guide (+20%-26% FXN)—while still strong—came in slightly below expectations, but the focus coming out of earn ...