Meta: Stop Underestimating Return On AI Investments

AI investments are already delivering results, with increased time spent on platforms and higher ad prices, positioning META for superior incremental growth vs. Google. Cost discipline remains intact, and while depreciation will rise with higher capex, returns on investment are robust, supporting faster compounding in absolute dollars. Despite recent gains, META's valuation remains attractive relative to growth and the S&P 500, offering continued opportunity for outsized returns with manageable risks.