The numbers on META's earnings report looks fake. Zuck is cooking the books for sure.
I don't think META is the only company cooking the books, Apple's is cooking the books as well. The number of people I see upgrading to Iphone 16 is the lowest in years. Apple reported it was from sales in China, my chinese friends said no one is buying IPhone this year because of the tariff wars and chinese phones are so much better than Iphone.
There is alot of accounting tricks in recent tech earnings report with AI, they are all playing account trick with AI infrastructure spend, funneling the infrastructure spend into revenue and profits.