President, with some praise for META today as the tech giant names former banker and Trump advisor,

Dina Powell McCormick, as its new president.

Trump posted on social media.

It's a great choice by Mark Z, calling Powell McCormick a fantastic and very talented person.

Our dear Dubosa has more in today's tech check.

Morning, Dee.

Hey, good morning, Carl.

So let me first get to the finance side of this.

Meta is now

spending far more aggressively on infrastructure relative to its revenue than any of the hyperscalis scalers

and also way ahead of the S&P tech median. That is a major shift. This used to be a high margin

asset like company, but now the cost structure, it looks closer to a hyperscaler, but without

the cloud revenue to actually offset it.

And that's where Dina Powell McCormick comes in.

She can help execute on the scale of that buildout.

And she can structure it as meta pushes more off of its own balance sheet through joint ventures, SBVs, long-dated operating leases.

Now, this all raises execution risk. And Powell McCormick's

background is exactly where Meta's new bottlenecks are. She spent 16 years at Goldman Sachs,

where she ran sovereign and strategic investment relationships than nearly a decade in a merchant

bank in Chicago. And she served as deputy of national security advisor for strategy under President Trump, hence that post.

Now, she can structure large pools of capital.

She can work with governments and clear the political paths for projects of the size that

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