Hi everyone, this is Dolphin Research. As the spark for the latest 'excess compute, supply chain peak' narrative, $Meta Platforms(META.US) posted results likely to disappoint all sides.

Meta 2Q26 Earnings call

After $Meta Platforms(META.US) began weighing compute leasing, it stoked worries that the compute supply chain may be peaking. While the market debated whether this was a stopgap or a long-term strategy, Meta answered with three concrete moves: it is serious about the compute biz.

Expanding data centers is the most straightforward prep. Mass-producing in-house ASICs aims to cut cost and lift ROI.

The newly launched LLM, Muse Spark 1.1, is the true upside surprise in Dolphin Research's view. These three changes will likely push near-term Capex higher...

Last week, Bloomberg reported that $Meta Platforms(META.US) is building a cloud infra biz and plans to lease compute externally.

The following is a transcript of the FY26Q1 earnings call for $Meta Platforms(META.US), compiled by Dolphin Research.

Hi everyone, this is Dolphin Research! $Meta Platforms(META.US) Q1 itself was not the problem; the issue is that the new guidance failed to ease fears of margin erosion. That diverged from pre-earnings chatter about tighter cost controls, which had led investors to expect spending cuts.

Is North America's power shortage a near- to mid-term supply-demand mismatch? Or a long-term structural issue?

Below is Dolphin Research's summary of the analyst follow-up session with $Meta Platforms(META.US) after the earnings call. The meeting was conducted as a Q&A.

Below is Dolphin Research's compilation of $Meta Platforms(META.US) FY25Q4 earnings call Trans. For our First Take on the print, see 'Meta: Pouring in hundreds of billions? Hypergrowth is what matters'.

Hi all, this is Dolphin Research! $Meta Platforms(META.US) released its Q4 2025 results after the close on Jan 28 ET.