Meta is in the portfolio because it has combined two things that rarely go together: cost discipline and a growing revenue engine. AI isn't an abstraction here — it's the layer that matches ads better and closes conversions more effectively, which feeds straight through to the price per impression.
We're playing the monetization of attention Meta already owns. Reels, business messaging and advertiser tools are concrete levers, not promises. Each one raises the revenue generated by the same user.
We keep the risks in plain sight: Reality Labs burns cash, and privacy regulation can hit ad targeting. As long as the core ad business grows faster than the metaverse burns money, this position holds up.