1329 ET - Meta Platforms management used 2Q earnings to emphasize the revenue opportunity from AI and the importance of maximizing compute capacity, especially in the near-term, D.A. Davidson analyst Gil Luria writes in a note. "Management emphasized the strategic focus on improving its agent capabilities noting the large future growth opportunity around offering consumer agents to help users optimize personal health or finances as well as enterprise agents to drive improved business performance." Luria writes, adding that the long-term growth prospects are taking priority over selling compute directly. The market's not so sure, though, with Meta stock down 9% after a higher capital expenditures estimate and a 3Q guide that missed expectations. Luria cuts his price target to $700 from $850.