Memory is becoming one of the highest hidden costs in the AI arms race.

Meta Platforms Inc. (NASDAQ:META) raised its 2026 capital expenditure outlook to $125 billion to $145 billion, up from a prior range of $115 billion to $135 billion. 

On the company's earnings call, CFO Susan Li said the increase reflects "higher component pricing this year," along with added data center costs tied to future capacity needs. 

META stock is down. See the chart and price action here. 

Meta CEO Mark Zuckerberg was more direct, saying "most" of the higher infrastructure forecast was due to higher component costs, "particularly memory pricing."

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The comments highlight a growing pressure point for hyperscalers: AI infrastructure is not just about GPUs. 

Advanced servers also need ...