Meta Platforms Inc

“Meta remains one of the strongest digital advertising businesses globally, with durable scale, superior monetization infrastructure, and a long runway in AI-driven ads and messaging commerce. However, the stock no longer offers a clear margin of safety because higher AI capital intensity and persistent Reality Labs losses reduce the odds of outsized shareholder returns from this starting valuation. The business is strong enough to own, but the price is not attractive enough to call a buy with high conviction today.”