“We are, in fact, at the beginning of our 2026 budgeting process now, and we see a similar list of revenue investments that we're excited to be able to invest in. And so we think that, that's going to be a big part of our ability to continue to drive strong revenue performance throughout the year.”

In context

“the year. There is a long list of specific efforts, but 1 of the measures that we look at to monitor this is how are we driving ad performance, how are conversions growing? Conversions is a complex metric for us because advertisers optimize for so many different conversions on different values. But when we control for that and look at value-weighted conversion rates, we're seeing very strong year-over-year growth and conversion -- weighted conversions continue to grow faster than impressions. We also talked about some of the new model architecture over the course of the year and the degree to which the new model architecture is enabling us also to take advantage of having more data and more compute to drive ads performance. So we expect that, that's going to be a continued story in 2026. We are, in fact, at the beginning of our 2026 budgeting process now, and we see a similar list of revenue investments that we're excited to be able to invest in. And so we think that, that's going to be a big part of our ability to continue to drive strong revenue performance throughout the year. On your second question, which is the Reality Labs revenue headwind. I don't think we have quantified the exact size of that. We expect that Q4 Reality Labs revenue will be lower than last year for a couple of reasons that I alluded to, the biggest factor is we're lapping the introduction of Quest 3S in Q4 of last year, and we don't have a new headset in the market this year. We also recorded all of our holiday-related Quest 3S sales in Q4 '24, since the headset was launched in October '24. This year, we're recognizing some of those Quest 3S sales in Q3 as retail partners have procured Quest headsets in advance of the holiday season. We're still expecting significant year-over-year growth in AI Glasses revenue in Q4 as we benefit from strong demand for the recent products that we've intro”