Mark Zuckerberg’s Meta will report earnings on Wednesday, after the close of trading. The revenue numbers should be strong, with growth of 23% to $64 billion and an earnings number of about $6.50 per share (which would represent a decline of about 10% from the year-ago numbers). Costs are rising fast at the company. The earnings release could be confusing, as the company will likely take a $10 billion charge related to legal expenses. Regardless, the quarterly results should confirm that Meta’s business trends are excellent.

The critical numbers to watch will be capital spending plans for calendar years 2026 and 2027. The company is expected to guide 2026 capital spending to around $140 billion. As for 2027 capital spending, analysts expect an aggressive increase to as much as $235 billion. As a leader in the artificial intelligence revolution, Meta’s quarterly financial results are always important, but the numbers to be released Wednesday have suddenly become more than just an ordinary quarterly financial report. What Meta says could arguably impact not only the trajectory of investment in AI but also the economy of the United States. Investment in AI is responsible for as much as 50% of current-year GDP growth.