Meta's AI spending spree is a masterclass in capital destruction — and a screaming signal that we're deep in late-cycle territory. (https://www.marketwatch.com/story/meta-embodies-everything-wall-street-hates-about-ai-right-now-35cd1c2e?mod=mw_rss_topstories) right now: capex exploding faster than revenue while monetization remains a pipe dream.

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