Meta (META · NASDAQ)
The Attention Machine
How the world's largest social network is using AI to grow advertising, sell smart glasses, and chase the next computing platform.
Bull case for Meta
An Advertising Engine That Keeps Getting Smarter
AI lifts both ad volume and pricing while making campaigns easier to run.
A Vast, Habitual Audience That Rivals Struggle to Match
Around 3.5 billion daily users across four apps, hard to displace.
Turning a Giant Cost Into a New Business
Meta could rent out its AI compute, creating direct revenue from infrastructure.
Bear case for Meta
The Enormous Cost of the AI Bet
Record capital spending must eventually earn a clear return.
Regulation and Legal Exposure Across Multiple Fronts
Fines, youth-safety cases and privacy rules pressure the model.
A Mature Core With Concentrated Revenue
Almost all revenue still comes from advertising alone.