Topic

META

A collection of 54 issues

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

Digital Advertising Industry Snapshot, Portfolio Change

As is the tradition in every earnings season, I am sharing my digital advertising Snapshot after 3Q’25 earnings. Digital ads market growth has accelerated to 18.4% in 3Q’25 (vs 15.7% in 2Q’25 and 14.1% in 3Q’24). Meta continues to gain market share every

The Great Decoupling of Labor and Capital

A programming note: I initially wanted to cover Microsoft’s earnings today, but I am changing the schedule a bit as I felt more inspired to write today’s piece. Almost two decades ago, Hewlett-Packard (HP) was the first tech company to exceed $100 Billion annual revenue threshold in 2007.

Meta 3Q'25 Update

Let me start with the conclusion: while Meta’s stock is down ~10% after earnings, the company remains extremely well positioned for the long-term. Meta can, however, still be uncomfortable to own in the short-term as the company is going to navigate pretty aggressive capex plans next year. Nonetheless, I