Meta Platforms (META) faces a divided investor sentiment as it prepares to report second-quarter earnings on July 29, with the stock slipping roughly 4% this year. The bull case centers on Meta’s reported push to lease excess GPU capacity to third-party developers, including a $21 billion expanded AI infrastructure deal with CoreWeave and advanced talks with AI startup Anthropic for a two-year compute services agreement valued at up to $10 billion. Analysts see Meta positioning as a “neocloud” provider, with Mordor Intelligence forecasting the neocloud market will grow at a compound annual rate of 46% through 2031. Bullish price targets stretch as high as $1,011. However, bears point to the Reality Labs division, which has accumulated more than $80 billion in cumulative operating losses since 2020, and Meta’s stock-based compensation reaching $20.4 billion in 2025, consuming roughly 44% of its free cash flow. A bear-case fair value estimate places the stock between $570 and $635.