Topic

META

A collection of 57 issues

Meta 4Q'25 Update

Admittedly, I was confused looking at the initial reaction of Meta’s earnings when the stock went down. Mr. Market promptly corrected its “mistake” later. One of the reasons I think some may have reacted negatively is the ever burgeoning capex outlook by Meta which inevitably exerts pressure on FCF.

The Social Media Ban Wagon

A programming note: I hope to publish my Deep Dive on Figma tomorrow. Next month, following the big tech’s earnings I will review Meta, Amazon, and Alphabet’s 10-Ks and update my models. As it’s been the case for the last couple of years, I won’t publish

The Bull Case for AI Content on UGC Platforms

Yesterday, Ben Thompson interviewed Netflix co-CEO Greg Peters. I don’t cover Netflix, but this particular bit on “AI Slop” caught my attention: Ben Thompson: Is AI slop going to save you? If it overwhelms the UGC platforms and basically it’s like you’re a refuge, so this is

The Battle for Attention

During 1Q’17 Netflix earnings call, Reed Hastings mentioned something that raised some eyebrows or perhaps created a muffled laughter: Think about it when you watch a show from Netflix and you get addicted to it, you stay up late at night. You're really -- we're

Digital Advertising's "Bitter Lesson" Moment

Eric Seufert recently had an interesting podcast with a couple of professors who authored the paper titled “The Impact of Visual Generative AI on Advertising Effectiveness”. The authors pursued four specific lines of inquiry to understand how visual Generative AI (genAI) fits into the advertising landscape. Here are the four

The Reality of Meta's Reality Labs

You have all seen the chart of Meta’s Reality Labs (RL) losses. Just as a reminder, ever since Meta started reporting RL as a separate segment, it has reported a cumulative loss of $73 Billion in the last 20 quarters. Obviously, they were incurring losses even before reporting the

Meta's biggest competitor(s)

FTC’s lawsuit against Meta may be a colossal waste of time for everyone involved, but it did have one silver lining. Thanks to this lawsuit, we got access to a lot of documents and research work (both internal and external) which helped investors understand the company a bit better.

Some Portfolio Changes

I made a few changes in my portfolio yesterday which I will discuss behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on a publicly listed company every month. You can find all the 64 Deep Dives here. Subscribe

Messaging Opportunity and Group Chat Dynamics

OpenAI has started piloting group chats for ChatGPT, initially in Japan, New Zealand, South Korea, and Taiwan. It’s a simple idea with potentially big implications: bring multiple people and the model into the same conversation so the AI can search, summarize, draft, compare options, and keep a running context

Meta's GEM

Back in March 2025, Meta published an interesting blog post highlighting their innovation in their ad infrastructure. One such key innovation was their Generative Ads Recommendation Model or GEM. GEM, the largest foundation model for recommendation systems, is essentially a massive reorganization and upgrade of the AI that runs advertising