Meta generated $12 billion in free cash flow while CoreWeave burned $5 billion, as Meta builds sovereign compute infrastructure to replace rented GPUs. Meta reported $56.31 billion in revenue, up 33.08% year over year, with advertising contributing $55.024 billion, and raised its full-year capex plan to $125 to $145 billion. CoreWeave posted revenue of $2.078 billion, up 111.69%, with capex of $7.695 billion, free cash flow of negative $4.711 billion, and interest expense doubling to $536 million. Meta is CoreWeave's largest backlog customer through a $21 billion commitment signed in March 2026, but CEO Mark Zuckerberg is funneling capex into a sovereign compute stack aimed at making rented GPUs optional. CoreWeave CEO Michael Intrator cited a $99.4 billion backlog and a path to more than 8 GW by 2030. CoreWeave's 58% implied upside to its $142 price target collapses if Meta shifts inference workloads to its own data centers. Meta shares slipped 5.54% since the April 29 report, and CoreWeave cratered 30.38% since May 7.