Revenue up 26%, stock price down 7%: This time the market is turning to the cash flow page first It's not new to see income exceeding expectations and stock prices plummeting instead. The difference this time is that the reason for the decline is written in the financial report, which can be seen on a single line. 1、 The line in the Meta financial report After the stock market closed on October 21st (early morning of the 22nd Beijing time), Meta released its third quarter report. Revenue of $64.6 billion, a year-on-year increase of 26%. In the same announcement, there are three figures: capital expenditures of $34.91 billion, operating cash flow of $32.79 billion, and negative free cash flow of $21.2 billion for the quarter. The annual capital expenditure guidance has narrowed from $130 to $145 billion to $135 to $145 billion, with the lower limit raised. The board of directors also approved the establishment of a non voting Class C common stock, which will take effect in January 2027. The announced purposes include financing, employee compensation, and potential acquisitions. On October 22nd, Meta closed at $648.85, down 6.98%. According to CNBC, the five-year credit default swap (CDS) spread of Meta hit a historic high on the same day. Earning more and spending more can be established simultaneously. What the market is concerned about this time is that the speed of spending money has moved ahead of making money, and the company is already paving the way for the next round of financing. 2、 From a company to a sector On the same day, the Nasdaq Composite Index closed at 26008.86, down 2.60%; The S&P 500 fell 1.21%; The Philadelphia Semiconductor Index fell about 6.7%; Nvidia fell 4.4%. Where did the money go? The US Treasury provided clues. The yield of 10-year treasury bond bonds released by the US Treasury Department fell from 5.13% on the 21st to 4.96% on the 22nd. Selling stocks and buying bonds are typical hedging actions. 3、 BTC followed suit, ETF ledger also turned upside down Binance spot UTC daily line, on October 22, Bitcoin opened at $84093 and closed at $81416, down 3.18%, with a intraday low of $80939. At 14:58 on the 23rd Beijing time, BTC reported $81892, a decrease of 0.75% in 24 hours; ETH reported $2410, down 0.99%. On the ETF side, Farside data shows that the US spot Bitcoin ETF had a total net inflow of approximately $1.075 billion over the three trading days from October 19th to 21st. By the 22nd, the total net outflow for the day was 635.6 million: IBIT outflow was 254.1 million, FBTC outflow was 217.5 million, ARKB outflow was 109.4 million, BITB outflow was 0.274 billion, and GBTC outflow was 0.295 billion; MSBT saw a slight inflow of $0.023 billion. The buying orders in the first three days did not stop the clearance on this day. The total net inflow over four days is still about $439 million, but the narrative of "continuous inflow" has been interrupted by a single day on the 22nd. At least on this day, both the price and ETF ledger seem to be following the risk sentiment of the US stock market. 4、 Two things that can be checked next The Federal Reserve's interest rate meeting on October 27-28 was announced in the early morning of the 29th Beijing time. How to write the lines of capital expenditures and free cash flow for the technology companies that will gradually become prosperous in the future. When looking at a company, it's not just about how much it makes, but also about whether its spending speed exceeds its earning speed. Looking at one's own position is actually the same question. bitcoin:native ethereum:native