Meta narrows capex forecast as it leans into the AI agent wars

What happened: Meta reported $34.91 billion in third quarter capital expenditures and narrowed its 2026 capex forecast to $135-145 billion, as it leans into AI agents including its Muse assistant. Key numbers: Q3 capex $34.91 billion, up from $31.08 billion in Q2. 2026 capex forecast $135-145 billion, narrowed from $130-145 billion. Why it matters: Investors have sold Meta stock after past capex guidance raises, and Muse could help justify the spending for some investors. Zuckerberg said Muse will be free for a large number of tokens with a small transaction fee over time.

Meta reported $34.91 billion in third quarter capital expenditures and narrowed its 2026 capex forecast to $135-145 billion, as it leans into AI agents including its Muse assistant.

Investors have sold Meta stock after past capex guidance raises, and Muse could help justify the spending for some investors. Zuckerberg said Muse will be free for a large number of tokens with a small transaction fee over time.