Meta Platforms, Inc. Thesis

Meta Platforms owns a dominant portfolio of social media assets (Facebook, Instagram, WhatsApp) with unparalleled global reach. Its moat is the powerful network effect of its 3.2 billion daily active users, making it an essential platform for advertisers. The growth driver is the ongoing monetization of Reels and messaging, as well as the long-term bet on the Metaverse (Reality Labs). The investment thesis is that Meta's core advertising business is a cash-generating machine that can fund its ambitious and potentially transformative investments in AI and the Metaverse.