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S&P makes Meta’s AI spending a sharper credit question

The agency has retained Meta’s AA- rating while changing its outlook to negative. The new warning shifts attention from AI’s potential returns to the cash and financing needed before those returns arrive.

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A data centre requires payment before its economic promise can be judged. For a shareholder, that gap may be an acceptable wager on growth. For a creditor, it raises a more immediate question: how much financial room remains if the wager takes longer to pay?

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