**JUST IN:** **S&P Global** **revises its outlook** on **Meta**, **$META**, to "**negative**", citing "**significant uncertainty**" around **CapEx** and **free operating cash flow (FOCF)**.

The **negative outlook** reflects expectations that leverage could exceed **1.0x** and **FOCF** could remain negative for longer than expected. **S&P** is raising concerns about **AI CapEx**.

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