Meta Platforms shares trade near $620 amid heavy AI-driven capital expenditures and a post-earnings sell-off that erased roughly 18% from October peaks near $780. Third-quarter revenue rose 26% to $64.6 billion, exceeding consensus, with advertising revenue up 26% on 14% higher average prices per ad, while adjusted EPS reached $7.40. However, a $9.9 billion legal settlement charge and $34.9 billion in quarterly capex produced negative free cash flow for the first time in years, narrowing Reality Labs losses to an expected $15 billion next year. Analysts maintain a strong-buy consensus with average 12-month targets around $848, reflecting confidence in AI monetization via tools like Muse, though elevated opex and noncancelable commitments near $455 billion heighten sensitivity to any slowdown in ad pricing or broader risk appetite through month-end.