Bull case
Meta Platforms is supported by an unusually large, growing user base of 3.60 billion daily active people and a dominant advertising engine that already benefits from strong ROI, better ad ranking, and improving monetization across Reels, WhatsApp business messaging, and other formats. Its bullish case is strengthened by Muse AI, which has reached the #1 position on the iOS app store and could open recurring revenue from subscriptions, commerce take rates, and developer tools, while early evidence such as 15 million subscriptions and trials and more than one million businesses using Meta Business Agent signals real engagement. Management’s push into AI glasses, including a broader style lineup and integration with Muse, adds a potentially meaningful hardware and ecosystem opportunity, while the core ad business continues to fund heavy AI spending and support higher return on capital and Economic Profit.