Meta's AI infrastructure investment is now driving measurable ad ROAS improvement, with Advantage+ campaigns growing share of total ad spend. Llama 4 open-weights strategy commoditizes competitors' model moats while Meta monetizes through compute and distribution. Reality Labs losses are stabilizing as Ray-Ban Meta glasses scale. Threads and WhatsApp business messaging provide new monetization vectors. Capital return remains aggressive at $50B+ annual buybacks.
Signals scoped to US · Company-specific tagging coming soon.