“From a monetization perspective, we are still working to close the gap between Reels and Feeds and Stories, but it's going to take time before Reels becomes a tailwind to revenue.”

In context

“proprietary than your prior content? And then second, I think there are a lot of questions on CapEx. Just wondering if the build here for this year and next is one-time to kind of get your capabilities in place, and then maybe you can go back to kind of a mid-teens level as a percentage of revenue or is just the transition in the business just a higher capital intensity business? Thank you. Dave Wehner: So Justin, on the Reels transition, as Mark noted, it is incremental to time spent. So we are seeing a benefit from Reels to contributing to overall engagement on the platform. And it’s contributing to healthy engagement dynamics. And I’d say that, coupled with our recommendation engine, which is also increasing engagement on the platform, are both promising trends on the engagement front. From a monetization perspective, we are still working to close the gap between Reels and Feeds and Stories, but it’s going to take time before Reels becomes a tailwind to revenue. As Mark mentioned, we’re on about a $3 billion run rate today, but Reels was still negative overall to revenue by about $500 million in the quarter. So we expect that it should be a tailwind to the business eventually. And we’re sort of saying that’s probably in the 12 to 18-month timeframe. But overall, we are pleased with the impact that Reels has on the business, specifically on the engagement front. Susan Li: And on your second question about the CapEx guide, I would really think about our CapEx investment as kind of the AI and non-AI components. On the AI side, which really is driving all of the CapEx growth in 2023, we will be pacing that future investment on the basis of the returns that we’re able to see and measure. So frankly, we’re hopeful that there will be a big opportunity t”