Caroline Hyde

And Tesla, we're also bracing for Meta, which reports after the bell.

Investors are focused on AI capital expenditure plans for 2026, which analysts say could overshadow the company's advertising revenue growth.

Bloomberg's Kurt Wagner joins us for the details.

It's a pretty familiar formula at this point.

I'll hand it over to you.

Give us the Meta earnings preview as best you can.

I feel like we've been talking about a lot of the same stuff for the past year, which is what is spending going to look like?

And can the company paint this picture for investors that all the spending will ultimately pay off down the line?

And you remember, it was just a year ago that Mark Zuckerberg was saying, hey, record spending up to $65 billion in capital expenditures.

And everyone's head spun around, you know, crazy to think of that.

I saw the estimates on the Bloomberg today that they think capital expenditures could be $111 billion for Meta in 2026.

And so it's easy to quantify, but hard to wrap your head around the jump we've seen in spending from this company in particular as they rush toward AI.

And there's going to be a lot of questions about what the ROI on that is going forward.

And that is why the stock has taken some hits.

I mean, initially it was talk up your capex and you're rewarded for it.

But then in the last earnings, I'm just looking at the chart of how swiftly they fell back in October as maybe we then started to be worried about the commitment of capital expenditure.

How can they steady nerves in other parts of the business?

What do we need to hear on the bread and butter of ad sales and the like?

Well, I imagine we'll hear them talk about how AI is improving ads today, right?

And that's going to be in automated campaigns.