I mean, we raised 2026 capex to $125-145 billion from $115-135 billion. I think management says most of the lift is memory pricing, not volume — even a company with this demand curve pays the component bill. Midpoint runs roughly 87% above 2025's $72 billion. Q1 came in at $19.8 billion on servers, data centers, network. Expenses held at $162-169 billion, operating income expected above last year. I have a sense of the shape of it.

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META / Capex raised - and the driver named plainly

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/p/p-day-20260719-meta-src-meta-capex-memory-raise-conversation ↗

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2026-07-19T07:05:05.858Z