Meta's free cash flow is gone due to capex; LLM spend seems non-existential so they could reduce it sooner than others.

yes um you know when you look at Meta, when you look at uh Nvidia, when you look at um Google or Alphabet, whatever you want to use for it, they generate an amazing amount of cash flow from their business, their core businesses.

But what's interesting is that those businesses are no longer capital-like businesses. um to the extent that they're now spending there's no free cash flow at Meta anymore.

Whereas Meta in my mind, I'm not sure why they need to to invest in a leading edge LLM. Um, I I think that if it helps, you know, make their advertising business more efficient, that's great, but it feels to me like it's not necessarily existential for them and that therefore they could cut back um earlier than some of the other ones.