Meta Q3 earnings: $3.56 EPS expected on $63.3 billion revenue

Meta heads into its third-quarter report against a backdrop of investor unease over AI spending. A Gartner report last week projected that AI infrastructure firms could spend upwards of $8.5 trillion through 2030, while consumer and enterprise AI revenue would total just $3.6 trillion, leaving more than $4 trillion in asset value exposed to write-down risk through 2032. Meta's own stock is down more than 3% over the last year as Wall Street seeks clarity on how the company will monetize its prodigious spending. Yet the company has logged recent wins: its Muse AI agent notched 10 million downloads just 40 days after its US launch, outpacing ChatGPT and Claude, and it debuted frontier-class Muse Wonder and Muse Wonder Full models. BofA analyst Justin Post wrote that recent AI launches have strengthened confidence in Meta's AI execution and see the least risk of AI disruption to its core business.