Tech giant Meta has triggered massive investor panic after losing over $200 billion in market value following an earnings call that exposed a shocking reality: the company is burning through tens of billions on AI infrastructure with no clear product strategy in sight. Despite reporting $20 billion in quarterly capital expenses and constructing massive data centers, executives couldn't answer the most basic question plaguing Wall Street — what exactly is being built with all this money? This explosive disconnect between astronomical spending and tangible results has sent shockwaves through Silicon Valley, revealing a company caught between ambitious AI dreams and the harsh reality of investor expectations demanding immediate returns.

Keywords: artificial intelligence, tech investment crisis, Meta stock collapse, AI infrastructure spending, Silicon Valley panic, corporate strategy failure, Wall Street expectations, data center expansion

Key Takeaways: Meta's $20 billion quarterly spending on AI lacks any flagship product to justify the investment; The company's stock lost 12% in just two days as investors fled; Meta AI reaches 1 billion users but only because it's forced into existing platforms; The absence of clear direction threatens to undermine billions in infrastructure investments; Time is running out for Meta to deliver tangible AI products before investor confidence completely evaporates