Brian Stewart

So as of the end of 2025, Microsoft was up 17% over a one-year basis and Meta was down 4%.

So you had more of a optimistic view of Microsoft's prospects as we were closing out 2025.

And then going into the earnings report, you saw Meta rise five out of the six sessions headed into the earnings report.

And you see it pop with the earnings coming out.

And so I just think you're seeing Microsoft and Meta kind of converging.

You're seeing the market pricing them sort of similarly.

in terms of where they are in the upgrade cycle.

I think you're also seeing a little bit more optimism about the kind of blocking and tackling that

um meta is doing versus microsoft is sort of the the core business as opposed to the projections for ai going forward so um you see in meta's earnings report it's basic figure so average revenue per person was 16.56 16.56 for um the fourth quarter that's up 16 from last year they've now had 10 straight quarters of double digit growth in that area

that figure was at $9.57 in Q1 of 2022.

So you're seeing it rise pretty strongly over the last several years.

Meanwhile, at Microsoft, they're still having solid growth in their cloud space, which has been the driver recently.

That seems like it might be starting to hit a peak.

So there's a little bit of worry at Microsoft that they're kind of reaching the peak

their ceiling there, where at Meta, I think the idea is they're doing a great job executing on their core business.

And they also have this investment piece, this AI piece that is on the horizon still.

So I think just in the place where the stocks were, I think you're just seeing a slight recalibration of people's expectations.

I mean, just because they're big names, I think we should jump into Tesla and Apple.

Tesla was down a little on its earnings report.

It initially popped and then kind of faded as the day went on.