WTS: $META reports after the bell. The Street wants about $63.3B of revenue, up 24% from a year ago and near the top of Meta's own $61–64B guide, with adjusted EPS around $6.50. Reported EPS will look much worse because of a roughly $10B legal charge tied to the state attorneys general settlement. That charge was flagged weeks ago. It hits the income statement, not the ad business which matter most here. The numbers that actually move the stock today are capex and the outlook. Meta is guiding to $130–145B of capex this year, with about $41.7B expected this quarter and the stock's worst days in 2026 came when that number went up. For the 4th quarter, the Street is at $73.6B of revenue. If Meta spends more, that guide needs to rise with it. Muse, Meta's new AI agent, is the wildcard after 5M+ downloads in its first three weeks. We're Overweight with a $1,004 price target, 41% upside.