Meta Platforms has set out to raise up to US$95b through equity offerings, including a completed US$25b follow on sale and a US$12.5b preferred issue, to fund a large AI infrastructure build that is closely tied to deeper partnerships with Nvidia and AMD around Muse and data center hardware. The choice to lean heavily on new stock rather than additional debt puts shareholder dilution, capital intensity and execution on AI monetization at the center of Meta Platforms’ investment debate. The...