In Q1 2022 FB's stock nosedived 35% due to high CapEx expenditures. This was the quarter they wrote off a huge purchase of Nvidia chips getting ready to scale AI. Now as companies struggle to get GPUs, Zuck's geniusness that quarter shines.

https://stratechery.com/2024/an-interview-with-nat-friedman-and-daniel-gross-reasoning-about-ai/