Mark Mahaney

So if there's a drawdown in advertising spend, Meta will be impacted. I just think it's going to be one of the last least impacted of the major ad platforms. I may be wrong on this, but

So if there's a drawdown in advertising spend, Meta will be impacted. I just think it's going to be one of the last least impacted of the major ad platforms. I may be wrong on this, but

look it's largely performance marketing it's also got highly fungible inventory so the obvious comparison is with google if you're um you know people are searching for hawaiian golf package vacations uh that's a very specific uh search item and there's a very specific type of ad you can put against that if you're in your facebook news feed instagram news feed uh real stories whatever um

look it's largely performance marketing it's also got highly fungible inventory so the obvious comparison is with google if you're um you know people are searching for hawaiian golf package vacations uh that's a very specific uh search item and there's a very specific type of ad you can put against that if you're in your facebook news feed instagram news feed uh real stories whatever um

look it's largely performance marketing it's also got highly fungible inventory so the obvious comparison is with google if you're um you know people are searching for hawaiian golf package vacations uh that's a very specific uh search item and there's a very specific type of ad you can put against that if you're in your facebook news feed instagram news feed uh real stories whatever um

That inventory that they could add inventory they can put against you is very fungible, depending on what your personal interests are. But it's very fungible. And so I just think that they're more resilient in an ad slowdown. None of them are recession proof, but they're more resilient. And I think meta would be one of the last places to get cut.

That inventory that they could add inventory they can put against you is very fungible, depending on what your personal interests are. But it's very fungible. And so I just think that they're more resilient in an ad slowdown. None of them are recession proof, but they're more resilient. And I think meta would be one of the last places to get cut.

That inventory that they could add inventory they can put against you is very fungible, depending on what your personal interests are. But it's very fungible. And so I just think that they're more resilient in an ad slowdown. None of them are recession proof, but they're more resilient. And I think meta would be one of the last places to get cut.

And frankly, of our channel checks so far have shown that. Advertiser demand has kind of held up for Meta. I'd be surprised if it hadn't given what Google just reported last week. So I just think Meta sort of holds up a little bit better in this environment. Valuation is pretty reasonable.

And frankly, of our channel checks so far have shown that. Advertiser demand has kind of held up for Meta. I'd be surprised if it hadn't given what Google just reported last week. So I just think Meta sort of holds up a little bit better in this environment. Valuation is pretty reasonable.

And frankly, of our channel checks so far have shown that. Advertiser demand has kind of held up for Meta. I'd be surprised if it hadn't given what Google just reported last week. So I just think Meta sort of holds up a little bit better in this environment. Valuation is pretty reasonable.

And it looks like they're starting to finally kind of cut down the investment spend at the reality labs based on reports. If that's true, that's great. I don't think any of these companies are going to slow down their AI capex spend.

And it looks like they're starting to finally kind of cut down the investment spend at the reality labs based on reports. If that's true, that's great. I don't think any of these companies are going to slow down their AI capex spend.

And it looks like they're starting to finally kind of cut down the investment spend at the reality labs based on reports. If that's true, that's great. I don't think any of these companies are going to slow down their AI capex spend.

But I think if they start cutting off some of these extraneous areas where they've been spending a lot, and Reality Labs is one that hasn't really shown much return yet, I think the market would respond positively to that.

But I think if they start cutting off some of these extraneous areas where they've been spending a lot, and Reality Labs is one that hasn't really shown much return yet, I think the market would respond positively to that.

But I think if they start cutting off some of these extraneous areas where they've been spending a lot, and Reality Labs is one that hasn't really shown much return yet, I think the market would respond positively to that.

I think they've used AI to dramatically improve the user experience. You know, your newsfeed has got a lot more, it's become more personalized, more interesting. I think that's true. And it shows up in more and more time spent on Facebook, Instagram and

I think they've used AI to dramatically improve the user experience. You know, your newsfeed has got a lot more, it's become more personalized, more interesting. I think that's true. And it shows up in more and more time spent on Facebook, Instagram and

I think they've used AI to dramatically improve the user experience. You know, your newsfeed has got a lot more, it's become more personalized, more interesting. I think that's true. And it shows up in more and more time spent on Facebook, Instagram and