Both Meta and Microsoft reported their quarterly earnings overnight and the billions continue to flow: more audience, ad impressions, revenue, and accelerating investment in the high-stakes race to AI supremacy.

I’ll get to the numbers shortly – they are very good – but first it’s worth considering Meta CEO Mark Zuckerberg’s point of view, as revealed overnight in his blog.

Mark Zuckerberg in an interview from May 2025

“The rest of this decade seems likely to be the decisive period for determining the path this technology will take, and whether superintelligence will be a tool for personal empowerment or a force focused on replacing large swaths of society.”

Zuckerberg is doing two things. First he is flagging what we should already know from the capex numbers this reporting season:........

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