S&P lowered Meta's credit outlook as AI spending climbs. The capex bill is now showing up in credit, not just the P&L. Watch free cash flow and leverage optics into guidance. $META

What happened: S&P Global Ratings lowered its credit rating outlook on Meta Platforms to negative from stable, citing more limited ability to monetize its fast-rising AI investments than peers. Why it matters: The move follows Meta's report of negative free cash flow last week, as the company's AI spending continues to rise.

S&P Global Ratings lowered its credit rating outlook on Meta Platforms to negative from stable, citing more limited ability to monetize its fast-rising AI investments than peers.

The move follows Meta's report of negative free cash flow last week, as the company's AI spending continues to rise.