Meta Platforms' Q2 R&D expenses surged by 67% to $21.66 billion, with full-year capital expenditures projected to reach $130 billion to $145 billion. The company's free cash flow dropped to $784 million from $8.55 billion a year ago. Jason Trennert, founder of Strategas, also expressed uncertainty about whether AI investments would yield "appropriate returns" for shareholders, favoring the semiconductor industry instead.