1. Meta's aggressive AI infrastructure investments may lead to a capital-intensive model, potentially reducing free cash flow yield and increasing financial risk; 2. Changes in content moderation policies may trigger advertiser backlash, similar to the challenges faced by X (formerly Twitter), potentially impacting ad revenue; 3. The strengthening U.S. dollar poses significant currency headwinds, potentially reducing billions from Meta's top and bottom lines due to high international revenue exposure. Given these risks, the author does not anticipate Meta achieving a $2 trillion valuation in the near future and shifts to a tactical bearish position.