【Livestream Clip 2｜Selina Han: Meta's Ads Are Improving, But Is Its AI Spend Worth It】
【LIVESTREAM RECAP｜2026 Q2 Earnings Review: Big Tech, AI CapEx & Why Tech Stocks Pulled Back】
Hi Tigers! In this session we took a deep dive into Big Tech's 2026 Q2 earnings, AI CapEx, and why tech stocks pulled back in late July. The flow was clear: first the macro timeline from late July into August (FOMC, payrolls, CPI, Jackson Hole), then a company-by-company read of Google, Microsoft, Amazon, Meta and Apple with their AI spend, and finally the big question everyone's asking — why did stocks fall even when earnings were strong?
Full replay 👉 2026 Q2 Earnings Review: Big Tech, AI CapEx & Why Tech Stocks Pulled Back
【ABOUT THE GUEST】
Our speaker, Selina Han@Selina_Han_Insights, is the founder of Han Insights and an independent researcher. She was the first economist at CBOE — the largest equity options exchange in the U.S. — specializing in U.S. equity markets, listed options, market structure, exchange economics and financial regulation. What makes her perspective rare: she reads markets not just from the investor side, but from the exchange and market-structure side, tying macro, earnings and the AI narrative into a framework you can actually use.
【HIGHLIGHTS】
1. Macro timeline: how FOMC, payrolls, CPI and Jackson Hole moved the tape, and the back-and-forth on rate expectations.
2. The AI CapEx scoreboard: a sentiment-driven rating of each company's AI spend (green/yellow/red lights) so you can see who's leading at a glance.
3. Strong earnings, sold off anyway: reports looked solid, yet tech stocks dropped in late July — what was really going on.
Live Recap:Live Recap 1: Why Tech Stocks Fell Despite Strong Earnings — Six Weeks That Moved the Market
Live Recap 2: The Big Tech AI CapEx Scorecard — Who's Actually Turning Spending Into Earnings
Live Recap 3: The AI Basket Broke Together — Inside the Situational Awareness Forced Unwind
Live Recap 4: Fed Policy, Jackson Hole, and What Comes Next — Q&A Highlights
【THIS CLIP】
Meta's ads are improving, but is its AI spend worth it? This clip weighs the improving ad business against Meta's heavy AI investment. Why it's worth watching — AI CapEx cuts both ways: heavy spending may fuel future growth, or it may take a long time to show up in revenue. Selina uses the scoreboard lens to help you judge whether Meta's bet is still just a story or already paying off.
We genuinely recommend watching the full replay to fill in the market-structure and AI CapEx piece so many people overlook — it's the key to understanding this pullback. Take your time; there's more here than you'd expect.
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(For education only, not investment advice.)
Full replay 👉 2026 Q2 Earnings Review: Big Tech, AI CapEx & Why Tech Stocks Pulled Back
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
广告业务改善说明AI推荐和广告工具已经开始产生实际效果，这一点比单纯讲模型能力更重要。但另一方面，Meta的资本开支和费用也在快速上升，如果收入增长跟不上折旧、算力和基础设施成本，市场迟早会重新追问回报率。
所以我会重点看三件事：广告转化率、AI带来的收入增量、自由现金流能不能重新改善。只要这三项继续兑现，巨额Capex就更像投资；如果现金流持续被吞噬，那就会从“增长故事”变成“成本故事”。
一句话：Meta已经证明AI能帮它卖更多广告，下一步要证明的是，这些广告赚的钱能不能跑赢AI烧掉的钱。