Meta stock drops 10% as free cash flow gets crushed—and Zuckerberg hints at cloud business
The AI trade is coming to a realization: America’s best businesses are turning into utilities. Such is the fate that befalls Meta, whose shares fell as much as 10% in after-hours trading Wednesday after the company missed earnings due to costs ballooning 55% (Meta’s stock later recovered some ground and was down 7%). Its operating…