$META, AI spend is clear, monetization path less so outside core

META

JPMorgan (Doug Anmuth):
More challenging path to returns on heavy AI capex beyond advertising.
- Rising infrastructure costs
- Limited visibility on AI product roadmap

Takeaway:
AI spend is clear, monetization path less so outside core ads

Still fully short Meta:

Last week bears shifted the trend very strongly, usually takes time before bulls regain control after moves like that.

Also using the short as a hedge against my long exposure.