Meta Platforms (NASDAQ:META | META Price Prediction) just delivered Q1 revenue of $56.31 billion, up 33% YoY, and EPS of $10.44 against a $6.66 consensus. CEO Mark Zuckerberg said the company is “on track to deliver personal superintelligence to billions of people.”

Shares responded by dropping 13.81% YTD to $568.43. The bull case calls for $700 by year-end. I will show you the math, the obstacles, and what has to go right.

What’s Holding Meta Back Right Now

The reason shares are stuck is capex. Management raised FY26 capital expenditures to $125-$145 billion from $115-$135 billion, citing higher memory pricing and additional data center costs.

Operating cash flow climbed 34.13%…