- AI integration (Llama 4, Meta AI app, Vibes feature)
- Reality Labs ($27B joint venture for AI data center)
- Meta Ray-Ban Display glasses ($799, sold out)
- Efficiency measures (600 layoffs in Superintelligence Labs)
- CapEx increase to $70-72B for AI infrastructure
- Advertising dependence (98% of revenue)
- Reality Labs drain ($4.4B/quarter)
- Regulatory risk and antitrust actions
- TikTok and emerging platform competition
- Privacy evolution restricting ad effectiveness