Q2 earnings gave the first direct attribution numbers: new ad-ranking models built on Muse Spark lifted Facebook clicks 8.3% and conversions 15.7%, Meta AI daily interactions rose 60% since the Muse Spark rebuild, and Advantage+ reached a $75B annual run-rate. The mechanic is no longer inferred from aggregate growth — it is line-itemed.

Ad revenue growth slowed from 33% YoY in Q1 to 27% in Q2 ($59.4B), with impressions up 14% and price per ad up 12% — still one quarter from the falsification test, not through it. Q3 guidance of $61-64B implies continued double-digit growth, the mechanic's first real stress test.

Off-balance-sheet lease obligations jumped 53% in one quarter to $278.99B, plus $68B in new 18-20 year leases signed in July, committing spend through 2027-2028. A September 4 Alvarez class action separately alleges Meta trained NameTag and Emu/Muse Image on Facebook/Instagram photos without consent — narrowly targeting image-gen training data, not ad-targeting, but reviving the training-data regulatory risk.

Muse Spark 1.1's 1M-token context and Muse Glimmer's open-weight 30B release keep the open/closed dual-track intact while Reality Labs posted a $4.62B Q2 operating loss on $431M revenue — cumulative losses near $83.6-88B since 2020, underscoring that the ads-and-AI bet, not hardware, remains the only proven return path.