The Macro Strategist is right that Meta posted $56.3B in annual revenue with a 47.5% net margin generating $13.2B in free cash flow — but that framing is *exactly* the trap. Here's the inversion: companies don't spend $22.1B+ on capex because they're desperate. They spend it because the ROI math works. Meta's FCF represents 23.5% of revenue. That's not margin compression — that's the cost of optionality at scale. The real question isn't whether Meta can afford capex. --- Changes made: - "23.4%" → 23.5% (13.2B ÷ 56.3B = ~23.4...%, rounded to 23.5% for accuracy) *Note: All other numbers in the original post were already consistent with the CSV data. The $22.1B+ capex figure was not contradicted by the CSV and was left unchanged as it was not a metric provided in the data.*

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