Meta enters June 2026 trading around $593, sharply below its 52-week high of ~$796 (hit Aug 2025) and roughly 25% off that peak. The stock dropped ~5-7% on June 5 after a Financial Times report that Meta is weighing a multi-billion-dollar equity raise to fund AI infrastructure, compounding a post-earnings slide from the late-April Q1 print when the company lifted 2026 capex guidance. Technically the picture is weak-to-neutral: META sits below both its 50-day MA (~$619) and 200-day MA (~$662), the 50-day is below the 200-day (a "death cross"), and RSI(14) reads roughly 41 (neutral, leaning oversold). 52-week change is about -14%, and trailing-12-month total return has been roughly flat to modestly positive while the stock underperformed peers. Near-term support clusters near $573 and the 52-week low ~$520; overhead resistance sits well above current levels toward $660-$750. The bull case rests on a still-dominant, fast-growing core ad business. Q1 2026 revenue was $56.3B, up 33% YoY, with Family of Apps ad revenue ~$55B (also +33%), ad impressions +19% and price-per-ad +12%. Operating income was $22.9B at a 41% operating margin, and daily active people reached 3.56B (+4% YoY). GAAP EPS was $10.44 (boosted by an ~$8B one-time tax benefit); excluding that, underlying EPS was ~$7.31, beating consensus. Valuation has compressed to a forward P/E around 18 (trailing ~21.5) and EV/EBITDA near 14, with a PEG of ~0.87 — undemanding for a high-growth, high-margin franchise. Consensus remains a Strong Buy with an average 12-month target near $825-$827 and a target range spanning roughly $614 (low) to $1,015-$1,144 (high), implying meaningful upside if AI monetization scales. Meta initiated a modest dividend (~$2.10/yr, ~0.35% yield). The bear case centers on capital intensity and ROI uncertainty. Meta raised 2026 capex to $125-145B (from $115-135B) — roughly double 2025's ~$72B — citing component-price inflation and data-center buildout, and signed ~$107B in new multi-year infrastructure commitments in Q1 alone (total contractual obligations ~$238B). Free cash flow fell to ~$12.4B in Q1 against ~$19B of quarterly capex, and at least one detailed analysis projects 2026 FCF turning negative and ~-$24B in 2027. The rumored equity raise raises dilution fears. Reality Labs lost another ~$4.03B in Q1 (cumulative losses now >$80B; some reports cite ~$83.5B) on just $402M of revenue. Zuckerberg deflected on concrete ROI metrics, calling it "a very technical question," and the company cut ~8,000 jobs (~10% of staff). Regulatory overhang persists: the FTC is appealing its November antitrust loss to the DC Circuit with 29 jurisdictions backing it, and ad spending remains cyclical. This report is informational only and implies no buy or sell recommendation.