If I read any more bullish, gushing analyst notes on Meta’s ( META ) first quarter today, I may puke.

Did anyone actually listen to the company’s earnings call?

“We aren’t providing a specific outlook for 2027 capex. And we are, frankly, undergoing a very dynamic planning process ourselves as we're working through what our capacity needs will be over the coming years,” Meta CFO Susan Li told analysts. “Our experience so far has been that we have continued to underestimate our compute needs even as we have been ramping capacity significantly as the advances in AI have continued and our teams continue to identify compelling new projects and initiatives.”

“So we’re going to continue building out our infrastructure with flexibility in mind,” she added. “And if we end up not needing as much as we anticipate, we can choose to bring it online more slowly or reduce our spending in future years as we grow into the capacity that we're building now.”

Sure, Meta had a lot of wins to start the year in terms of growth rates in key businesses.

But I hated the earnings call for one simple reason: You got the sense that there is a bottomless checkbook for AI spending. That can’t possibly be good for the stock moving forward, because it makes it impossible to wrap your head around future margins and cash flow!

I just don’t understand why Meta couldn’t take a page out of Alphabet’s ( GOOG , GOOGL ) book last night and provide clear 2027 guidance. If Alphabet can guide 2027 capex, why can’t Meta, with its vast resources and legion of AI agents?

The result of being clear to the investment community: Alphabet’s stock is rocking post-earnings today. Meta is getting pummeled.

Now, if one were to ignore the company’s raised — yet opaque — capital expenditures outlook, Meta rocked it in the first quarter.

Revenue rose 33% year over year to $56.3 billion. Net income jumped over 60% to $26.8 billion, comfortably beating expectations. Growth was driven primarily by its core advertising business, which continues to benefit from improved AI-powered ad targeting and strong user engagement across its apps.

Looking ahead, Meta provided strong guidance for the second quarter, expecting revenue between $58 billion and $61 billion. It signaled confidence that its AI-enhanced recommendation algorithms will continue to drive higher user engagement and ad performance.

“In our view, Meta is in the ‘show me’ phase of the AI cycle, where core business returns are strong but there are still questions on newer initiatives (e.g., models, personal agents, business agents),” KeyBanc analyst Justin Patterson said in a note. “As Meta demonstrates growth duration in the core business and shows progress in emerging areas, we see potential for multiple expansion.”