jpmorgan's research report stated that Meta (META.US)'s strong fourth-quarter revenue outlook was offset by expectations of significant growth in next year's capital spending and infrastructure-related expenses, leading to a decrease in stock price after announcing third-quarter performance. Meta is still in the process of budget planning for next year, and will not calculate capital spending and overall expenses until the fourth quarter profit is achieved, but management has clearly laid the foundation for substantial investment in ai and infrastructure for the next year. The bank expects the group's capital expenditure next year to be $58 billion, an increase of 45% year-on-year, with total spending under GAAP at $114 billion, an increase of 16% year-on-year.

jpmorgan believes that Meta's strong core revenue growth gives the company the ability to invest heavily in the field of artificial intelligence. The bank has raised its revenue forecast for 2025 and 2026 by 2% and 3%, and expects earnings per share under GAAP for 2025 and 2026 to be $25.87 and $29.17 respectively, with the target price raised from $640 to $660, reaffirming a 'shareholding' rating.