Meta Platforms will report third-quarter results after the bell Wednesday, with Bloomberg consensus calling for earnings per share of $3.56 on revenue of $63.3 billion, compared with $1.05 and $51.2 billion a year earlier. Capital expenditures are projected to rise 117% to $41 billion, while Reality Labs is expected to post a $5.2 billion operating loss. The results arrive as investors debate whether heavy AI infrastructure spending can generate sufficient returns, following concerns about CoreWeave's debt and a Gartner estimate that AI infrastructure companies could spend $8.5 trillion through 2030 against $3.6 trillion in consumer and enterprise AI revenue. Meta shares are down more than 3% over the past year as investors seek clearer evidence of monetization. Recent product momentum includes 10 million U.S. downloads for the Muse AI agent in 40 days, the launch of the Muse Wonder and Muse Wonder Full models, and new Ray-Ban Meta and virtual-reality hardware. BofA Global Research analyst Justin Post said the launches have increased confidence in Meta's AI execution and left its core business with comparatively low disruption risk.