Sean Emory of Avory &amp; Co. debriefs Meta&#x27;s July 29, 2026 earnings call, framing four key questions: AI monetization, open vs closed source strategy, enterprise AI, and the CapEx path into 2027 and 2028. Chapters 00:00 Meta Earnings Debrief 01:14 Show Intro &amp; Disclosures 01:55 Revenue &amp; Guide Highlights 02:55 AI Monetization Flywheel 06:49 Open Versus Closed Models 08:46 Enterprise AI On WhatsApp 11:01 CapEx Outlook And Bottlenecks 13:04 Wrap Up &amp; Key Takeaways This discussion is for educational purposes only and should not be considered personalized investment, legal, or tax advice. Views reflect our opinions as of the recording date and may change.

Debrief: 4 things we learned from Meta.

Avory - Markets and Investing

All right, so we are fresh off the earnings call here at Meta. You know, Mark and team, you know, spoke on the call. A lot of questions asked by analysts. You know, we came into the print with four main questions on the table. You know, that is number one, how is AI being monetized inside the business? I think we have a point of view on that and we've had a point of view on that. Number two is where is Meta on kind of like this open source, closed source, you know, model debate.

You know, they have Mew Spark. They had Llama in the past. You know, we have a view there. But again, you know, what did they explicitly say on this earnings call? You know, what is the enterprise AI strategy that, you know, has been rumbling around given their level of AI spend or, you know, CapEx spend? And then also, you know, number four, which is, you know, what does the CapEx path, you know, look like, you know, not only, you know, at the end of 2026, but also through 2027?

And will they give us a hint at 2028? We got a little bit of substance on the call. I'll share a little bit about here. So let's walk through each one. Welcome to Avory Around the Desk. I am Sean Emory, founder and chief investment officer at Avory & Co.. You know, each episode, we try to look at various questions. This is more of a debrief, a debrief post in earnings for a critical company in technology.

Debrief: 4 things we learned from Meta.

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Debrief: 4 things we learned from Meta.

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.