Bill Baruch says the team trimmed Meta to raise cash and keep flexibility through the midterms and into year end. He expects the market to do terrific into January and wants room to lean into names he really likes. On Meta, he wanted excitement behind earnings and did not get follow through on the Muse news. CapEx is a headwind in his view, with Meta looking at 135 to 145 billion dollars in 2026 and some 2027 estimates approaching 200 billion, and he listens when the stock tells him something. It has surrendered 700, where he sees a lot of resistance. He also noted Alphabet is trading at support and expects a very strong report.

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