Meta Platforms reported second-quarter revenue of $60.8 billion, up 27.9% year over year, including $59.36 billion in advertising revenue, up 27% and accounting for nearly all total revenue. Ad impressions increased 14% and average prices rose 12%, while AI improvements lifted Facebook ad clicks 8.3% and conversions 15.7%. Strong advertising performance is financing Meta's expanding artificial-intelligence investment, but high capital expenditures for AI development are putting short-term pressure on free cash flow. Meta forecast 2026 capital spending of $130 billion-$145 billion, even as Chamath Palihapitiya said Mark Zuckerberg downplays the company's advertising identity to attract elite engineers.