“We currently expect another year of similarly significant capital expenditures dollar growth in 2026,” Meta CFO Susan Li said in the earnings release. Analysts said the 2026 outlook suggests Meta will spend roughly $100 billion in capex next year, significantly ahead of earlier expectations among analysts.

Shares in artificial intelligence heavyweights Microsoft and Meta Platforms both surged in European trading on Thursday, after blowout quarterly results after-market on Wednesday. Meta shares surged 12.

And both Meta and Microsoft were already on track to spend more than 30% of this year’s revenue on capital expenditures, compared with about 15% to 20% historically. Those outlays were already beginning to look like mere table stakes after Google parent Alphabet used its report last week to bump up its own capex spending plans for this year to $85 billion.