S&P Global Ratings cut its outlook on Meta Platforms to negative from stable, citing uncertainty around capital spending and free operating cash flow. The ratings agency said Meta's ambitious AI investment plans could push leverage higher and keep free cash flow under pressure for longer than previously expected. S&P said investors still have limited visibility into how high capital expenditures could ultimately go and how quickly those investments will translate into meaningful AI monetization. The agency expects Meta to post a free operating cash flow deficit of roughly $39 billion in 2026, widening to about $71 billion in 2027 if spending remains elevated. S&P warned that leverage could rise above 1.0 times if AI monetization takes longer than expected or if Meta continues funding infrastructure through debt. The outlook could move back to stable if Meta keeps adjusted leverage below 1.0x and returns to positive free operating cash flow in 2028, through lower spending, stronger AI monetization, or more non-debt financing. The warning comes as Meta accelerates investment across data centers, chips and AI infrastructure while also raising external capital to fund the buildout.