Why has Meta (META) been so range-bound lately despite its massive fundamental strength?

I've been looking closely at Meta’s recent performance, and the gap between their financials and the stock price action is becoming hard to ignore. The company has reported solid earnings and incredible free cash flow. Their advertising demand seems remarkably resilient, even outperforming most of its digital ad peers. On top of that, they are making the most aggressive moves in AI infrastructure of any Big Tech firm. Yet, while other "Magnificent 7" names have rallied to new highs, META feels sluggish and stuck in a range. I’m trying to figure out what the market is still pricing in that’s acting as a ceiling. I’d love to get the community's take on whether the following points are the main culprits: 1. CapEx Acceleration vs. ROI: Is the market genuinely spooked by the massive CapEx guidance for 2025 and 2026? Are we waiting for concrete proof that AI spend will translate into immediate bottom-line growth? 2. The "Reality Labs" Discount: Is the multi-billion dollar burn in the Metaverse still a psychological barrier for value investors, despite the core business being so healthy? 3. Regulatory/Antitrust Overhead: Is the potential for political or regulatory intervention being underestimated at the current valuation? 4. Valuation Compression: Is this simply a period of consolidation after its prior massive run-up, or is a "trust discount" being reapplied to Zuck’s long-term vision? What do you think is keeping the stock from breaking out meaningfully right now? And for those who are bearish or neutral, what would need to change for your sentiment to shift? Looking forward to hearing different perspectives.