[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1pDWA-T0Rrbr7KqvcXbwfcArbvDr7YMnIvQ8tQI2zCk":3},{"data":4},{"content_tags":5,"created":6,"displayed_date":7,"meta_default_description":8,"subtitle":9,"preview_text":9,"enforce_gated_content":10,"platform":11,"slug":12,"email_capture_popup":13,"subject_line":14,"id":15,"newsletter_list_id":7,"audience":11,"free_content_html":16,"title":14,"authors":17,"status":19,"thumbnail_url":20,"publish_date":21,"split_tested":13,"meta_default_title":14,"web_url":22,"hidden_from_feed":10},[],1777812799,null,"META gapped 8.6% on capex. The S&P closed firm. A regime read on positioning, vol, and gamma — and where AI capital is rotating next.","My model shows the rotation.",false,"both","beyond-meta-where-ai-capital-goes-next",true,"Beyond META: Where AI capital goes next","post_c57cdfca-dd20-4745-8339-581667c76529","\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Last week, META beat earnings, guided 2026 capex to $125-145B, and gapped 8.6% lower the next session. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> The market made an example of META: AI burn will no longer be tolerated. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Despite the gap down in a megacap, the S&P closed firm on Thursday. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> That means that the capital leaving META rotated \u003Ci>within\u003C\u002Fi> the sector. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> However, with the market still short-covering, we have to be surgical with our trade expressions. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> I built the model this weekend across positioning, vol, gamma, and volume profiles. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Four positions cleared the hurdle to take advantage of this setup. \u003C\u002Fp>\u003C\u002Fdiv>",[18],"Nicholas Crown","confirmed","https:\u002F\u002Fbeehiiv-images-production.s3.amazonaws.com\u002Fuploads\u002Fasset\u002Ffile\u002F449484d6-2216-49c0-aec1-0f59e0a677a5\u002Fcrown_macro_cover__3_.png?t=1777853479",1777885200,"https:\u002F\u002Fletter.nicholascrown.com\u002Fp\u002Fbeyond-meta-where-ai-capital-goes-next"]