Meta Platforms Inc. (NASDAQ:META) fell about 9% after its earnings call, where Mark Zuckerberg described AI agents for health, finances, careers, coding, and customer service. Meta produced $31.86 billion in operating cash flow over the three months, spent $31.08 billion on capital expenditure, leaving free cash flow of $784 million, down 91% from a year earlier. Third-quarter revenue guidance was between $61 billion and $64 billion, with a $62.5 billion midpoint below Wall Street’s roughly $63.1 billion expectation. Advertising revenue of $60.8 billion beat estimates, but Meta has not disclosed incremental revenue from generative-AI products or their return on infrastructure. AI skeptic Ed Zitron said Meta had spent roughly $180 billion in capital expenditure before the latest quarter, and Meta does not break out how much went to AI. JPMorgan’s Doug Anmuth cut his target to $640 from $725, saying Meta “did not come away learning much incremental” on AI monetization. Polymarket traders give Meta a 2% chance of having the best AI model at year-end, versus Anthropic at 70%, Google at 11%, and OpenAI at 9%. Bank of America’s Justin Post said Meta’s next model, code-named Watermelon, “has achieved frontier-level performance on internal benchmarks.” Zuckerberg controls Meta’s voting shares, and Anmuth projects 202