Trader sentiment for Meta's October 21 earnings call centers on whether heavy AI infrastructure spending will translate into sustained ad growth and new revenue from products like the Muse personal AI agent. Recent launches of Muse Wonder and Muse Wonder Full frontier models, plus positive early adoption signals, have lifted confidence in execution against rivals such as OpenAI. Analysts expect roughly $63.3 billion in revenue, driven by AI-enhanced advertising targeting, while capital expenditures near $42 billion and a roughly $10 billion legal accrual will pressure reported earnings. Traders are watching closely for 2027 capex guidance, Reality Labs loss trends, and any concrete metrics on Muse subscriptions or enterprise use that could shift the market-implied odds on long-term AI monetization.