1. Meta's Q2 revenue and margin growth surpassed expectations, but a significant decline in cash reserves and a net-debt position raised concerns; 2. The company is aggressively investing in AI to achieve 'superintelligence for everyone,' though it faces privacy challenges and lower user engagement compared to ChatGPT; 3. Meta maintains exceptional profitability, supported by strong cash flows and stable performance of its legacy platforms, ensuring long-term stability.