{"id":"ticker-meta","category":"ticker_thesis","title":"Meta Platforms (META) — Ad Machine + AI Infrastructure","summary":"AI ad targeting driving CPM expansion; Llama models as open-source moat.","trigger":{"always":false,"sectors":[],"tickers":["META"],"regimes":[]},"ttl_hours":336,"content":{"thesis":"META AI ad targeting driving CPM expansion; Llama models as open-source moat. Price ~$731, analyst target ~$793. Meta shares remain supported by robust digital advertising growth alongside deep investments in open models and persistent AI agent frameworks.","bull_case":"Ad revenue reaches $200B+ by 2027; WhatsApp commerce monetization begins; AI ad targeting drives CPM 20%+ above peers","bear_case":"DOJ/FTC antitrust action forcing Instagram or WhatsApp divestiture; regulatory privacy restrictions limiting ad targeting capability; Reality Labs cash burn ($15B+/year)","key_catalysts":["Ad revenue growth rate vs peers","Reels monetization parity with Feed","WhatsApp business revenue","Reality Labs cash burn trajectory"],"position_guidance":"Strong buy on pullbacks in digital ad recovery. Avoid entering near regulatory headlines. High FCF (~$50B/year) provides floor.","options_note":"High beta — options carry elevated premium. Sell puts in range-bound markets for income."}}