Meta’s Q2 cloud-growth miss—Azure’s 29% YoY expansion fell short of the 31% whisper number—triggered a 7% after-hours sell-off, while Reality Labs’ $4.5B operating loss dragged Meta’s stock down 15%, erasing $150B in market cap and spotlighting the widening chasm between AI capex and near-term monetization. AI-assisted, human-reviewed.
