According to CoinMeta, Meta Platforms ( META.O ) reported record revenue in its second fiscal quarter, reaching $60.8 billion, a year-on-year increase of 28%. However, the company's update to its AI expenditure plan raised concerns among investors regarding the cost of infrastructure construction, resulting in a net profit of $15.8 billion, which fell short of analysts' expectations. As a result, the stock price dropped by more than 6% after the market closed. Meta slightly raised the lower limit of its annual capital expenditure guidance, from $125 billion to $130 billion, while maintaining the upper limit at $145 billion. To keep up with the AI competition, Meta has invested tens of billions of dollars in chip procurement, data center construction, and recruitment of top talent. Recently, it also collaborated with BlackRock to raise at least $12 billion for the construction of a data center in Texas, with free cash flow in the second quarter amounting to $784 million.