Meta's aggressive push into AI infrastructure through a sprawling global data center network shows real ambition—but the track record gives pause. After the metaverse bet burned through billions and failed to deliver, investors are asking: will this time be different? The company sits on strong cash flows, which cushions the downside risk. Yet recent stock volatility reflects genuine uncertainty about whether the AI capex cycle will generate meaningful returns. It's a high-stakes bet where execution matters everything. The coming quarters will be critical for proving the thesis.