// COMPARE

Meta closed unchanged at $635.29 as Instagram/Facebook/WhatsApp subscription chatter went sideways. Anthropic $1T valuation headlines redirected AI-capex attention away from in-house Meta spend.

META is in a holding pattern — fundamentals are fine, but the marginal AI capex narrative is rotating to pure-plays (Anthropic, Micron) over hyperscalers. Subscription monetization story is too early to price.

Any concrete subscription pricing detail; Reality Labs Q2 read-through. $640 caps; support $625. PCE Friday matters less for META than for rate-sensitive peers.

Microsoft surged 3.47% to $426.99, the day's mega-cap leader on a multibillion-dollar Pentagon software deal report from Dell. Azure/AI demand stack stays in play.

MSFT is monetizing every AI angle — government, enterprise, OpenAI partnership. The Pentagon deal validates Azure's defense vertical, the highest-margin durable revenue stream available to a hyperscaler.

Whether the deal headline gets confirmed/expanded. $430 is the breakout level; clean print opens $440. Support $420. AI capex commentary from peers will matter into next earnings.