Meta Q1 2026: Five Things to Watch

Meta's ad revenue grew 33% last quarter, powered by algorithmic improvements compounding since 2022. The company has not disaggregated how much of that growth is attributable to Advantage+ AI targeting versus underlying demand recovery. Until it does, investors cannot assess whether the $125-145 billion capex commitment is accelerating returns or merely sustaining a revenue line that would grow regardless. The next twelve months must produce a disclosure framework that separates AI-driven advertising uplift from market beta.