Meta's upcoming July 29 earnings call occurs amid accelerated AI infrastructure spending, with 2026 capex guidance raised to $125-145 billion to support Llama model development and data center expansion. Recent quarters show revenue growth from AI-enhanced advertising systems like the GEM recommendation model, offsetting elevated operating expenses that reached $162-169 billion annually. Traders focus on updates regarding Llama commercialization timelines, inference efficiency gains versus competitors, and any shifts in full-year expense or revenue forecasts. Competitive pressures from other large language model providers and regulatory scrutiny on AI deployment add uncertainty, while historical patterns indicate Meta often emphasizes infrastructure progress and user engagement metrics during these calls.