What smart money is saying about Meta Platforms, Inc.
META · Communication Services · Internet Content & Information · Market cap $1706.77B
18 funds in our archive have pitched Meta Platforms, Inc. — most recently Jensen Investment Management Quality Growth Strategy in August 2026.
Company profile
Meta Platforms Inc., which operated as Facebook, Inc. until its October 2021 rebranding, is a technology enterprise focused on developing innovative products that empower people globally to connect and share with their friends and family. These services are accessible across a variety of digital platforms, including mobile phones, personal computers, virtual reality devices, and wearables. The company's activities are organized into two principal divisions: the Family of Apps and Reality Labs. The Family of Apps segment encompasses well-known platforms such as: Facebook, where users can share content, participate in discussions, explore new interests, and build connections. Instagram, a vibrant community dedicated to sharing visual media like photos and videos, sending private messages, and utilizing features such as user feeds, ephemeral stories, short video reels, live streams, and integrated shopping functionalities. Messenger, a dedicated application that facilitates text, audio, and video communications, enabling individuals to communicate with their social networks, communities, and even businesses across different devices and operating systems. WhatsApp, a widely adopted and secure messaging service employed by individuals and enterprises for private communication and financial transactions. The Reality Labs division concentrates on pioneering augmented and virtual reality technologies. This segment is responsible for creating consumer-grade hardware, sophisticated software, and engaging content, all aimed at fostering a sense of connection among people, regardless of their physical location or time zone. Meta Platforms Inc. was founded in 2004 and its corporate headquarters are situated in Menlo Park, California.
Get an email when a fund writes about it
55
Reported positions
11
Bought
10
Sold
135
Letters
Position history
Between Q4 2024 and Q3 2026, 55 fund letters reported a position in Meta Platforms, Inc. — 11 opened or added to the position, 10 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 8 | 0 | 1 | 2 |
| Q2 2026 | 38 | 11 | 7 | 4 |
| Q1 2026 | 8 | 0 | 1 | 2 |
| Q4 2025 | 1 | 0 | 1 | 6 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 2 |
Fund activity · 56 positions · 21 moves
- August 2026
“Top 10 Holdings Company Sector Geography Weight NVIDIA Corporation Information Technology US ).9% Microsoft Corporation Information Technology US 5.$% Alphabet Inc. Communication Services US 5.$% Amazon.com, Inc. Consumer Discretionary US 3.4% Broadcom Inc. Information Technology US 2.9% Apple Inc. Information Technology US 2.3% Meta Platforms, Inc. Communication Services US $.4% NetƊix, Inc. Communication Services US $.2%”
Meta Platforms, Inc. - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Meta Platforms, Inc. - August 2026
“Our decision to exit Meta from the Jensen Quality Growth Strategy reflects a meaningful decline in our confidence that Meta will generate returns commensurate with the extraordinary level of capital it is investing in artificial intelligence (AI).”
Meta Platforms, Inc. - July 2026
“On the debt side, a similar pattern has emerged. Companies like Meta, Alphabet, and Oracle, none of which had issued much debt in recent years, have all turned to bond markets to help fund AI capital expenditure. Meta priced a $30 billion bond deal in October, its largest in years, while Oracle has been the most aggressive borrower of the group, raising $43 billion in debt over the past year and planning more.”
Meta Platforms, Inc. - July 2026
Listed in Harding Loevner Global Equity ADR’s reported holdings.
Meta Platforms, Inc. - July 2026
Listed in Harding Loevner Global Equity model portfolio’s reported holdings.
Meta Platforms, Inc. - July 2026
Listed in Bell Global Equities Fund Wholesale Class’s reported holdings.
Meta Platforms, Inc. - July 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025.”
Meta Platforms, Inc. - July 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025.”
Meta Platforms, Inc. - June 2026
“Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
Meta Platforms, Inc. Listed in Sustainable Growth Advisers U.S. Large Cap Growth Strategy’s reported holdings.
Meta Platforms, Inc.- New positionIronvine Capital Partners Quarterly Investor LetterJune 2026
“Meta Platforms is rumored to shortly follow suit. SemiAnalysis, one of the more well-regarded voices in technology at present, believes spending on AI between now and 2029 could require as much as $7 trillion in new debt issuance. The hyperscalers aren’t the only ones spending on AI infrastructure, but absent change they’ll likely constitute the bulk of it over the next several years. As investment continues to grow it will have profound implications for the businesses that presently constitute 38% of the S&P 500 index. If AI continues to accelerate toward its promise, those who’ve invested aggressively will be handsomely rewarded. If collective behavior results in more computing capacity than the world needs—AI is less transformational or progress is slower than anticipated—the hyperscalers will be saddled with excess capacity and financial liabilities that make them far less interesting investments. At present, the market is taking an increasingly glass-half-empty view of the likelihood of an attractive outcome. Microsoft and Meta Platforms, the owner of Facebook and Instagram, have been particularly punished. We’ve admired the companies’ ability to successfully navigate technological change over the past decade. They are once again approaching threshold moments. Our stance is that both will emerge from this season of sowing with durable growth intact. We continue to monitor strategic and capital allocation decisions closely, however. Meta Platforms has uniquely powerful data and distribution advantages and the company is investing aggressively in its own artificial intelligence models and compute to make its advertising platform more effective. Meta’s core business has among the most straight forward and compelling commercial use cases for AI that we are aware of. More engaging, relevant, and frequently refreshed creative content makes digital ads useful versus simply clutter. One unnamed Ironviner visits Instagram specifically for curated clothing, gear, and gift ideas—he checks in for the ads, not in spite of them, because he is often introduced 1 Amazon, Microsoft, Google, Meta, & Oracle 2 As of June 30, 2026 Page | 2 to new brands and items he hadn’t thought of or didn’t know existed. For advertisers, the ease and precision of targeting and measuring return on ad spend is powerful. They can refine and improve their approach leveraging Meta’s tools to increase efficiency. The company’s ability to leverage and improve its own models within this robust and proprietary feedback loop should draw additional advertising dollars and further the company’s lead in time. We initiated a position in Meta in our Concentrated strategy and added to our existing position in Core during the second quarter.”
Meta Platforms, Inc. - June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Meta Platforms, Inc. - June 2026
“ClearBridge owns both Meta and Alphabet in several portfolios, and we are cognizant of the risks to both society from social media and the companies via potential liability.”
Meta Platforms, Inc. - ExitedMiddle Coast InvestingJune 2026
“We sold Meta Platforms from one client’s portfolio where they have better tech exposure.”
Meta Platforms, Inc. - June 2026
“We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
Meta Platforms, Inc. - June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing.”
Meta Platforms, Inc. “During the quarter, we initiated one new position in Netflix, Inc. We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.”
Meta Platforms, Inc.- June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Meta Platforms, Inc. - June 2026
Listed in Giverny Capital Asset Management Model Portfolio’s reported holdings.
Meta Platforms, Inc. - AddedVision Capital FundJune 2026
“We had strong inflows in early Q2 from our largest investors (us included) seeking to take advantage of buying opportunities. We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
Meta Platforms, Inc. - June 2026
Listed in Baron Opportunity Fund’s reported holdings.
Meta Platforms, Inc. - June 2026
“The five largest cloud and AI infrastructure giants (Amazon, Alphabet, Meta, Microsoft, and Oracle) are projected to spend over $725 billion on capex in 2026 alone, nearly double last year’s already eye-popping levels.”
Meta Platforms, Inc. - TrimmedBaron Durable Advantage FundJune 2026
“Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Meta Platforms, Inc. 1,429.9 8.8”
Meta Platforms, Inc. - June 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.66 Apple, Inc. 9.05 Microsoft Corporation 7.94 Alphabet, Inc. 6.34 Amazon.com, Inc. 5.16 Broadcom, Inc. 4.03 Meta Platforms, Inc. 3.23 Eli Lilly and Company 2.44 Mastercard, Inc. 1.64 Visa, Inc. 1.57 Top 10 Holdings Total 54.06”
Meta Platforms, Inc. - June 2026
Listed in Baron Opportunity Strategy’s reported holdings.
Meta Platforms, Inc. - TrimmedBuffalo Funds Growth FundJune 2026
“In the first half of the year, the hyperscalers significantly underperformed the broader technology company landscape. We believe that the Capex outlay in the first half of the year, combined with very reasonable valuations, offers a great setup for Meta, Microsoft, Amazon and Google into the back-half of the year. Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
Meta Platforms, Inc. - HoldsPershing SquareJune 2026
“When taken together with our existing holdings in dominant, fast-growing companies such as Microsoft, Amazon, Meta, Uber, Brookfield, and Restaurant Brands, we believe our current portfolio is highly attractive”
Meta Platforms, Inc. - HoldsOakmark Fixed IncomeJune 2026
“Instead of asking, “Who wins AI?” we ask a different question: “Which businesses can create value across the widest range of AI outcomes?” That question has shaped every AI-related investment we’ve made. Meta’s bonds are a good example.”
Meta Platforms, Inc. - June 2026
Listed in Coronation Global Equity Strategy’s reported holdings.
Meta Platforms, Inc. - June 2026
“Today, few companies are making ROI-based decisions on AI spending. Many are investing aggressively because they do not want to risk falling behind (FOMO). At times, the spending appears haphazard, as evidenced by large companies paying bonuses based on higher token usage. The result is a capital expenditure (capex) sprint that, by any historical measure, is extraordinary. The five largest cloud and AI infrastructure giants (Amazon, Alphabet, Meta, Microsoft, and Oracle) are projected to spend over $725 billion on capex in 2026 alone,”
Meta Platforms, Inc. - HoldsMontaka Global FundJune 2026
“Performance Deconstruction While Montaka delivered positive returns in the June quarter, performance over the last 12-month period was materially negative – driven overwhelmingly by the declines experienced in the March quarter related to the ‘SaaSpocalypse’ (the selloff in software and AI–exposed names). We shared our detailed analysis of this selloff, and why we believe many competitively advantaged businesses have been drastically oversold in our most recent whitepaper: Where Advantages Lie (and Lie) in the Age of AI . Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
Meta Platforms, Inc. - June 2026
“Top net sales for the quarter Net Amount Sold ($M) Meta Platforms, Inc. 8.8”
Meta Platforms, Inc. - June 2026
“Over the quarter, we exited four positions: Meta, Intuitive Surgical, Shopify, and EchoStar.”
Meta Platforms, Inc. - HoldsJAG Capital Management Corporate Fixed IncomeJune 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation.”
Meta Platforms, Inc. - HoldsJAG Capital Management Enhanced Core Fixed IncomeJune 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation.”
Meta Platforms, Inc. - June 2026
“During the quarter, we initiated positions in two quality companies, TJX Companies (TJX) and Amphenol Corporation (APH). We believe these investments serve to broaden portfolio diversification and increase exposure to businesses with exposure to resilient end markets, attractive reinvestment opportunities, and long runways for compounding growth across various market environments, with each offering a compelling entry point from a quality, growth, and valuation perspective. To fund these new positions, we exited two positions where rapid technological change has increased uncertainty regarding the long- term competitive environment. These changes included the full sale of Broadridge (BR) and Equifax (EFX). Although these companies have continued to post strong financial results, our ongoing competitive advantage assessments have flagged rising competitive threats and less resilient long-term moats than the new Portfolio additions profiled above and existing Portfolio holdings. Specifically, we’ve taken advantage of largely indiscriminate selling within software and business services sectors to upgrade the quality, growth and long-term competitive advantage profiles within the Portfolio. We also exited Copart (CPRT), a position we’ve been decreasing over time due to deteriorating competitive advantages. We also harvested gains in Meta (META) and Microsoft (MSFT) following strong share-price appreciation and reallocated capital to more attractively priced opportunities.”
Meta Platforms, Inc. - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Meta Platforms, Inc. - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Meta Platforms, Inc. - June 2026
Listed in Liontrust GF Global Innovation Fund’s reported holdings.
Meta Platforms, Inc. - June 2026
Listed in Liontrust Global Innovation Fund’s reported holdings.
Meta Platforms, Inc. - June 2026
Listed in Liontrust GF Global Technology Fund’s reported holdings.
Meta Platforms, Inc. - June 2026
Listed in Liontrust Global Technology Fund’s reported holdings.
Meta Platforms, Inc. - June 2026
“We currently own some Alphabet and have previously owned both Meta and Microsoft.”
Meta Platforms, Inc. - June 2026
“including larger positions in Taiwan Semiconductor, Microsoft, Alphabet and Meta Platforms, the strongest performers in 2Q26 were companies more directly benefiting from AI-related capital spending.”
Meta Platforms, Inc. - June 2026
“As described in our Value Matters letter, given the breakneck pace of AI capability development, we are trying to be both imaginative and humble in our analysis across all our investments. In that spirit of “picking our spots,” we remain significantly invested in major AI players like Meta Platforms (another “top” detractor, down just 2%),”
Meta Platforms, Inc. - AddedBurke Wealth Management Focused Growth StrategyJune 2026
“Q2 PORTFOLIO ACTIVITY The second quarter was an active trading quarter in our Focused Growth portfolio. We sold our positions in Abbott Labs and Lowe’s, added new positions in Eaton and Apollo, trimmed back rocket ship Micron twice for risk management purposes and used share price weakness as an opportunity to bolster our weightings in Intuitive Surgical, Meta, Service Now and Uber.”
Meta Platforms, Inc. - March 2026
“Meta Platforms (META) underperformed during the first quarter of 2026 as a combination of legal, fundamental, and sentiment-driven factors weighed on the stock. The primary catalyst was a landmark Los Angeles jury verdict against Meta and Alphabet, which established a new legal pathway targeting product design features such as algorithmic feeds, autoplay, and infinite scroll. This introduced a meaningful litigation overhang and, more importantly, raised concerns that potential algorithmic changes could reduce engagement. Given the direct link between user time spent and revenue, investors reassessed forward growth assumptions, driving multiple compression alongside broader concerns around AI investment intensity and market volatility. We believe the selloff is overdone. The market is discounting worst case legal and engagement outcomes that remain uncertain and likely to unfold over several years, particularly as Meta is expected to appeal. Core fundamentals remain intact, with strong advertiser demand supported by continued AI-driven improvements in targeting and conversion, as well as expanding monetization across Reels. Importantly, the stock is now trading near trough valuation levels (16x), which we view as disconnected from Meta’s long-term earnings power and ability to compound free cash flow as investment moderates. That said, we recognize that long term liabilities could ultimately be significant and difficult to forecast, and we will manage this risk through disciplined position sizing while maintaining exposure to the company’s structural growth opportunity. Portfolio Activity During the quarter, we initiated new investments in Ecolab Inc (ECL), GE Vernova Inc (GEV) and QXO Incorporated (QXO). We also exited our positions in Salesforce (CRM) and SAP ADR (SAP). During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Danaher (DHR), Netflix (NFLX) and Linde plc (LIN), and trimmed Intuit (INTU) and Meta Platforms (META).”
Meta Platforms, Inc. - HoldsFlexible Equity FundMarch 2026
“ Meta Platforms (META) detracted from performance despite continuing to deliver results ahead of consensus expectations.”
Meta Platforms, Inc. - HoldsBuffalo Growth FundMarch 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.20 Alphabet, Inc. 11.82 Microsoft Corporation 11.22 Amazon.com, Inc. 8.79 Apple, Inc. 8.21 Meta Platforms, Inc. 5.46 Broadcom, Inc.”
Meta Platforms, Inc. - March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
Meta Platforms, Inc. - March 2026
Listed in Giverny Capital Asset Management (GCAM) model portfolio’s reported holdings.
Meta Platforms, Inc. - March 2026
“Comcast Corp. United States 1.3 Diversified Telecommunication Services Meta Platforms Inc. Class A United States 2.4 Interactive Media & Services”
Meta Platforms, Inc. - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Meta Platforms, Inc. - March 2026
Listed in Riverparks funds RiverPark funds RiverPark Large Growth Fund’s reported holdings.
Meta Platforms, Inc. - TrimmedClipper FundDecember 2025
“Our technology holdings were big contributors to our 2025 results. Based on the strong market gains, we trimmed certain holdings like Meta and Applied Materials.”
Meta Platforms, Inc.
Also mentioned · 69
These funds discuss Meta Platforms, Inc. — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedGuinness Global Quality Mid Cap FundAugust 2026
“Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195–$205bn, and Meta is moving toward the upper end of its $130–$145bn range.”
Meta Platforms, Inc. - MentionedGuinness Global Innovators FundAugust 2026
“Over July, these fears have only grown as hyperscaler capex expectations continued to move higher. Expected FY26 capex by Amazon, Alphabet, Microsoft, Meta and Oracle combined has risen from around $536bn in December to $784bn by July, an increase of almost 50% in just seven months. Over the same time frame, expectations for free cash flow (FCF) have fallen dramatically, with all but Microsoft expected to have negative absolute FCF over 2026. The latest earnings season strengthened those expectations as three of 7 Guinness Global Innovators August 2026 the four main hyperscalers raised capex guidance. Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195bn–$205bn, and Meta is moving toward the upper end of its $130bn–$145bn range.”
Meta Platforms, Inc. - MentionedCDT CapitalAugust 2026
“All the while, Meta continues to insist on spending $140B on AI models that their own company does not even use (Article) and the entire system is ever more leveraged ever.”
Meta Platforms, Inc. - MentionedCDT Capital Investment StrategyAugust 2026
“All the while, Meta continues to insist on spending $140B on AI models that their own company does not even use (Article) and the entire system is ever more leveraged ever.”
Meta Platforms, Inc. - July 2026
“Two global themes stood out. First, the big four hyperscalers (Amazon, Microsoft, Alphabet and Meta) issued guidance that their combined 2026 capital expenditure would be $650-725bn, up 60-77% year-on-year.”
Meta Platforms, Inc. - MentionedGuinness Global Quality Mid Cap FundJuly 2026
“On the debt side, a similar pattern has emerged. Companies like Meta, Alphabet, and Oracle, none of which had issued much debt in recent years, have all turned to bond markets to help fund AI capital expenditure. Meta priced a $30 billion bond deal in October, its largest in years, while Oracle has been the most aggressive borrower of the group, raising $43 billion in debt over the past year with more planned.”
Meta Platforms, Inc. - MentionedGuinness Global Equity Income FundJuly 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $758bn by the end of the second quarter this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Meta Platforms, Inc. - July 2026
“Bravida has been active in data centres since 2011, when it constructed Meta’s first facility outside the United States.”
Meta Platforms, Inc. - MentionedBronte Capital Amalthea FundJuly 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
Meta Platforms, Inc. - MentionedAlpha Wealth Fund The Insiders FundJuly 2026
“Meta is already discussing selling its "excess" computing capacity, and SpaceX recently leased surplus AI data center capacity to Anthropic and Alphabet.”
Meta Platforms, Inc. - MentionedCDT Capital VNAVJuly 2026
“• Meta Earnings: The lack of a coherent AI strategy is drawing the ire of shareholders that are being asked to foot the bill for a $130 to $145B AI buildout with no comprehensible plan insight.”
Meta Platforms, Inc. - MentionedCDT Capital VNAV StrategyJuly 2026
“• Meta Earnings: The lack of a coherent AI strategy is drawing the ire of shareholders that are being asked to foot the bill for a $130 to $145B AI buildout with no comprehensible plan insight.”
Meta Platforms, Inc. - July 2026
“Amazon, Meta, Nvidia, Google, Oracle, and SpaceX have issued approximately $182 billion in investment-grade bonds in 2026, roughly 15% of all US corporate debt issuance3.”
Meta Platforms, Inc. - July 2026
“We didn’t participate in either CoreWeave or Galaxy’s issues due to credit quality concerns, but we did purchase an investment grade rated issue from a Meta Inc. leased and supported transaction for Sopaipilla Investor LLC, which priced at a yield of just over 7.5% for a A+/AA- rated issue with an average life of about fourteen years.”
Meta Platforms, Inc. - June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Meta Platforms, Inc. - MentionedDeep Sail Capital PartnersJune 2026
“The company serves enterprise AI companies and the hyperscalers, including Google, Meta, Dell, HPE, IBM, Juniper Networks, and Oracle Corporation, among others.”
Meta Platforms, Inc. - MentionedNexus Investment Management ULCJune 2026
“Large U.S. technology companies, including Amazon, Alphabet, Microsoft, Meta, Oracle, and now SpaceX, issued approximately US$122 billion of bonds in 2025, and by the second quarter, 2026 had already exceeded the prior year's total.”
Meta Platforms, Inc. - MentionedBrasada CM Brasada Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Meta Platforms, Inc. - MentionedGuinness Global Equity Income FundJune 2026
“Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $737bn by May of this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Meta Platforms, Inc. - MentionedEmerald Focused Equity StrategyJune 2026
“Some signs are worth watching. Meta is reportedly preparing to rent out computing capacity to third parties, an implicit admission it has built more infrastructure than its own AI products currently require.”
Meta Platforms, Inc. - MentionedFirst Eagle Investments Small Cap Market OverviewJune 2026
“companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing”
Meta Platforms, Inc. - MentionedHosking PartnersJune 2026
“This phenomenon seems to be approaching its end, as the scale of AI building has consumed all the hyperscalers' free cash flow, leaving no room to continue buybacks. In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Meta Platforms, Inc. - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Meta Platforms, Inc. - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Meta Platforms, Inc. - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Meta Platforms, Inc. - MentionedFirst Eagle Investments 2Q26 Market Overview: The Cost of CredibilityJune 2026
“The magnitude of capital expenditures by hyperscalers—companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing—has been another source of support for investor sentiment.”
Meta Platforms, Inc. - MentionedWarden Capital War CapJune 2026
“One of the firm's trying to produce an AI model that is struggling with adoption I think would find a company like Gitlab very tempting, such as Meta or SpaceX.”
Meta Platforms, Inc. - MentionedManole Capital ManagementJune 2026
“Facebook/Meta provides a useful reminder.”
Meta Platforms, Inc. - MentionedPacker & Co Investigator TrustJune 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
Meta Platforms, Inc. - MentionedDistillate CapitalJune 2026
“Letter Summary Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Meta Platforms, Inc. - MentionedBaron SMID Cap StrategyJune 2026
“The rotation into perceived “AI winners” from the first quarter continued. These include companies that supply chips, power generation equipment, electrical and air conditioning equipment, engineering services and infrastructure, and financing geared toward AI data center construction. The PHLX Semiconductor Sector Index (known as the “SOX”) had its best quarter ever! While there is no doubt that AI is revolutionary, we believe that the indiscriminate momentum driving the price performance in the AI Annualized performance (%) for period ended June 30, 2026 (figures in USD)1 Strategy (net)2 Strategy (gross)2 Russell 2500 Growth Index2 Russell 3000 Index2 QTD3 15.62 15.84 24.02 15.44 YTD3 3.41 3.80 19.66 10.88 1 Year 6.11 6.51 32.94 22.82 Since Inception (12/31/2024)4 7.70 7.96 20.33 19.04 For Strategy reporting purposes, the Firm is defined as all accounts managed by Baron Capital Management, Inc. ("BCM") and BAMCO, Inc. ("BAMCO"), registered investment advisers wholly owned by Baron Capital Group, Inc. As of 6/30/2026, total Firm assets under management were approximately $69.7 billion.* The Strategy is a time-weighted, total return composite of all small- and mid-cap accounts managed on a fully discretionary basis using our standard investment process. Since 2010, accounts in the Strategy are market-value weighted and are included on the first day of the month following one full month under management. Prior to 2010, accounts were included on the first day of the quarter after one full quarter under management. Gross performance figures do not reflect the deduction of investment advisory fees and any other expenses incurred in the management of the investment advisory account. Actual client returns will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory fees is supplied in the Firm's Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the reinvestment of dividends and other earnings. Baron SMID Cap Strategy is currently composed of one ETF managed by BAMCO. * Includes client and proprietary accounts. BAMCO and BCM claim compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of the Firm’s strategies or a GIPS Report please contact us at 1-800-99-BARON. GIPS® is a registered trademark owned by CFA Institute. CFA Institute does not endorse, promote or warrant the accuracy or quality of the report. The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. QUARTERLY LETTER | JUNE 30, 2026 Baron SMID Cap Strategy Calendar year performance (%) (figures in USD) Strategy (net)2 Strategy (gross)2 Russell 2500 Growth Index2 Russell 3000 Index2 2025 8.08 8.08 10.31 17.15 Randy Gwirtzman Laird Bieger Portfolio Manager Portfolio Manager 2 FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH THE PUBLIC.SMALL/MID CAP winners bucket has a number of headwinds that by the end of the second quarter were beginning to show. These include: 1. Concerns regarding the pushback on unbridled usage of AI tokens (which measure the amount of work and thereby cost of usage) by customers of large language models (LLMs) including OpenAI and Anthropic. There are numerous reports of so-called “tokenmaxxing” being curtailed by companies such as Tesla, Meta, Accenture, and Walmart.”
Meta Platforms, Inc. - MentionedBaron SMID Cap ETFJune 2026
“There are numerous reports of so-called “tokenmaxxing” being curtailed by companies such as Tesla, Meta, Accenture, and Walmart.”
Meta Platforms, Inc. - June 2026
“The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
Meta Platforms, Inc. - MentionedSaltLight Capital Co‑Investor LetterJune 2026
“Open-weight models, meanwhile, are getting very good, and there are plenty of workflows where top-shelf intelligence is simply not required. At a fraction of the cost, and with the considerable virtue that one's intellectual property stays at home, they are becoming an awkward fact of life for closed-model vendors. Consider the position of the enterprise customer. Its data and internal know-how are precisely what distinguish it from its competitors, and we suspect a growing reluctance (fear may be the better word) to hand either over to a model company that might, through some legal loophole, train on them. Or you were an enterprise processing a critical AI-based workflow on Anthropic’s Fable model only to discover, one Friday afternoon, that an edict from the Trump administration has switched it off. Taking Mr Spolsky’s playbook of commoditising your complements, we see ample room for Meta and Microsoft to commoditise intelligence and earn money elsewhere.”
Meta Platforms, Inc. - MentionedArtisan Partners Global Value FundJune 2026
“The reason the direct model worked for auto and home policies is that these policies are essentially commodities. They have standard limits, coverage levels that are, in many cases, mandated by state regulations, and they are easily comparable. A basic liability policy for a 2026 Toyota Camry in San Francisco, California, purchased from Progressive or through your State Farm agent, is going to look pretty much the same. The biggest difference is the price of the policy. Progressive can generally offer a better one because it doesn’t have a large brokerage infrastructure to support. Direct retail auto and home insurance is not a good analog for commercial insurance. The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
Meta Platforms, Inc. - MentionedCDT Capital (CDT)June 2026
“The Meta Investment Reckoning: Meta is at it again.”
Meta Platforms, Inc. - MentionedMD SASS Concentrated ValueJune 2026
“The explanation lies in the extraordinary performance of the companies supplying the AI buildout. Semiconductor, memory, and hardware providers dramatically outperformed not only the hyperscalers funding the investment, including Amazon, Microsoft, Meta, and Alphabet, but also the broader market.”
Meta Platforms, Inc. - MentionedCDT CapitalJune 2026
“The Meta Investment Reckoning: Meta is at it again.”
Meta Platforms, Inc. - MentionedHorizon Kinetics Market CommentaryJune 2026
“Metcalfe’s Law, which is well-known in the computer sciences—though not frequently used in economics—has been evident in the initial valuations of companies like Facebook (now Meta) and Tencent, as well as Internet usage in general.”
Meta Platforms, Inc. - June 2026
“the direct model worked for auto and home policies is that these policies are essentially commodities. They have standard limits, coverage levels that are, in many cases, mandated by state regulations, and they are easily comparable. A basic liability policy for a 2026 Toyota Camry in San Francisco, California, purchased from Progressive or through your State Farm agent, is going to look pretty much the same. The biggest difference is the price of the policy. Progressive can generally offer a better one because it doesn’t have a large brokerage infrastructure to support. Direct retail auto and home insurance is not a good analog for commercial insurance. The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
Meta Platforms, Inc. - MentionedHorizon KineticsJune 2026
“Five companies have announced plans to spend a combined $720 billion on such expansion— Amazon ($198 billion); Microsoft ($146 billion), Alphabet ($186 billion); Meta ($132 billion); and Oracle ($56 billion).”
Meta Platforms, Inc. - MentionedBronte Capital Amalthea FundJune 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
Meta Platforms, Inc. - MentionedHosking Partners StrategyJune 2026
“Since the global financial crisis, US companies have been reducing the number of shares outstanding through buybacks, aided by cheap debt. This reduction of supply has been a powerful tailwind for returns and valuations. This phenomenon seems to be approaching its end, as the scale of AI building has consumed all the hyperscalers’ free cash flow, leaving no room to continue buybacks. In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Meta Platforms, Inc. - MentionedAntipodes Global SMID Active ETFJune 2026
Named in a table in Antipodes Global SMID Active ETF’s letter.
Meta Platforms, Inc. - MentionedHayden CapitalJune 2026
“Alphabet is guiding to as much as $205 billion of capex this year (LINK). Amazon, $220 billion. Meta, $130 – 145 billion. Microsoft, roughly $190 billion.”
Meta Platforms, Inc. - MentionedHamlin Capital Management Equity and High Yield Municipal Bond StrategiesJune 2026
“We think it is noteworthy that several large companies in the AI ecosystem raised capital this quarter: Google, Meta, and Oracle announced large new equity and debt issuances, and SpaceX went public in June with much fanfare.”
Meta Platforms, Inc. - MentionedAfrican Lions FundJune 2026
“they also made the point that formerly capital-light market darlings, such as Alphabet, Meta, Microsoft, and so on, are becoming huge consumers of capital for investments in AI infrastructure.”
Meta Platforms, Inc. - MentionedAegis Value FundJune 2026
“Earnings gains were driven almost entirely by the hyperscalers - Amazon, Alphabet, Microsoft and Meta - and by the companies supplying the semiconductor and AI-infrastructure build-out, including Nvidia, Broad-”
Meta Platforms, Inc. - MentionedMayTech Global Investments Global Growth StrategyJune 2026
“OpenAI followed with GPT-5.6 on July 9, and Meta released Muse Spark 1.1 the same week.”
Meta Platforms, Inc. - June 2026
“In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Meta Platforms, Inc. - MentionedO'Keefe Stevens AdvisoryJune 2026
“At the investor day, Qualcomm doubled its fiscal 2029 non-handset revenue goal to $40 billion, lifted its automotive revenue target to $10 billion, and struck a deal with Meta to supply data center CPUs for AI infrastructure, with production of its Dragonfly C1000 slated for 2028.”
Meta Platforms, Inc. - MentionedCopeland Capital Management Dividend GrowthJune 2026
“At the infrastructure layer, we have seen an unquestionable ramp in expected capex, with large companies building out infra- structure at all costs to meet anticipated demand. To paraphrase Mark Zuckerberg’s comments at Meta’s annual shareholder meeting, he is willing to risk massive overbuilding because Meta can rent its datacenter capacity to someone else if it goes wrong.”
Meta Platforms, Inc. - MentionedCopeland Capital Management Dividend Growth StrategyJune 2026
“To paraphrase Mark Zuckerberg’s comments at Meta’s annual shareholder meeting, he is willing to risk massive overbuilding because Meta can rent its datacenter capacity to someone else if it goes wrong.”
Meta Platforms, Inc. - MentionedScharf Investments Quality Value StrategyJune 2026
“This massive investment spending is being led by large technology companies such as Amazon, Microsoft, Google, and Meta who see AI compute as a growth engine for their businesses.”
Meta Platforms, Inc. - MentionedDistillate Capital Multi-StrategyJune 2026
“Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Meta Platforms, Inc. - June 2026
“The Biggest Capital Rush in History The size of today’s build-out is without precedent. In 2025 alone, the hyperscalers (Amazon, Microsoft, Meta, and their peers) spent roughly $388 billion chasing AI investments, equal to about 1.3% of U.S. GDP.”
Meta Platforms, Inc. - Mentioned1492 Capital Management Quarterly NewsletterJune 2026
“Total annual capex spending across the major hyperscalers plus Meta has gone from roughly $156 billion in CY2023 to an estimated $712 billion in CY2026, which is more than a fourfold increase in three years.”
Meta Platforms, Inc. - MentionedArgent Capital ManagementJune 2026
“In addition, the gargantuan “spend” that the hyper-scalers (such as Alphabet, Amazon, Meta and Microsoft) are willing to invest in data centers will likely negatively impact their earnings for years to come.”
Meta Platforms, Inc. - MentionedGreenfield Seitz Capital ManagementJune 2026
“Magnificent 7 Underperforms We warned about the tech darlings swelling AI spending in our January letter, noting they were once asset light companies that are beginning to look more like industrials with heavy capex spending on semiconductors. The Magnificent 7 (Alphabet/Google, Amazon, Apple, Meta/Facebook, Microsoft, Nvidia, and Tesla) stocks are flat for 1H26, while the market is up 10%.”
Meta Platforms, Inc. - MentionedJAG Capital ManagementJune 2026
“Figure 3. Big Five hyperscaler US bond issuance: the 2020–2024 average versus 2025 actual versus the 2026 forecast. Sources: BofA Securities via Reuters and Mellon Investments (Dec 2025); BofA Global Research 2026 forecast (Mar 2026). Big Five = Amazon, Microsoft, Alphabet, Meta, Oracle. 2020–2024 average issuance was ~$28B per year.”
Meta Platforms, Inc. - MentionedManole Capital ManagementJune 2026
“For perspective, Facebook's 2012 IPO valued the company at approximately $81 billion, meaning a future SpaceX offering could be more than 15x times larger at the time of its listing.”
Meta Platforms, Inc. - MentionedHennessy Japan FundMay 2026
“Compared with incumbents such as Google and Meta, OpenAI has potential advantages in targeting through direct insight into "user intent" through conversational context.”
Meta Platforms, Inc. - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
Meta Platforms, Inc. - May 2026
“We guessed that executive option plans (buy backs) would take precedence over headcount and thus we expected lay-offs - tick:- see Meta, Atlassian, Oracle, Amazon amongst others.”
Meta Platforms, Inc. - May 2026
“Meta: Sentiment/Investment cycles ▪ Example of occasional very inefficient markets”
Meta Platforms, Inc. - March 2026
“The company operates across more than 150 countries with a vast retail footprint and a robust research and development ecosystem increasingly focused on transforming the optical industry into a med-tech and digital healthcare platform. During the quarter, shares detracted from performance as margins disappointed expectations despite broad- based revenue strength. Investor sentiment was further weighed down by growing concerns around emerging competition in the smart glasses category and the perception that the company’s key smart glasses partner Meta may be falling behind in the generative AI race.”
Meta Platforms, Inc. - March 2026
“Despite the broad sell-off among large-cap growth stocks during the first quarter, three portfolio holdings demonstrated double-digit price appreciation – all within the semiconductor area. Consensus spend expectations for data center infrastructure continue to expand rapidly, particularly among the hyperscalers. During the first quarter of 2026, consensus estimates for 2026 and 2027 capital expenditures among Amazon (AMZN), Microsoft (MSFT), Meta (META), Alphabet (GOOGL) and Oracle(ORCL) cumulatively increased by 25% and 23% respectively, largely to support data center demand – inclusive of chips and related equipment.”
Meta Platforms, Inc. - MentionedEagle Equity StrategyMarch 2026
“In 2021, we had the meme stock and SPAC craze. In 2022, with the war in Europe, we had an inflationary shock, and internet giants like Amazon, Meta, and Netflix declined precipitously, while the commodity complex exploded higher amid temporary shortages.”
Meta Platforms, Inc. - March 2026
“One year later, the questions that defined that bear case have been answered in sequence, and not one of them broke the wrong way. Late in 2025, NBIS added META to its customer list with a ~$3B capacity-constrained contract.”
Meta Platforms, Inc.
Fund coverage · 18 theses
Meta Platforms is a dominant digital advertising and consumer technology company with massive user scale and network effects, but the fund sold it because soaring AI capex raised doubts about returns on invested capital.
Read the full thesis- Longriver Partners FundJuly 2026
Meta Platforms is using AI to improve a highly productive advertising system and monetizes its own products without depending on external model providers.
Read the full thesis - Ironvine Capital PartnersJune 2026
Meta Platforms benefits from powerful data and distribution advantages, and AI should make its ad platform more effective and reinforce its lead.
Read the full thesis Meta Platforms uses its scale and AMD-related economic hedge to offset DRAM inflation and support future returns.
Read the full thesis- Pershing SquareJune 2026
Meta Platforms is benefiting from AI-driven engagement and monetization improvements and is expected to grow earnings at a 20%+ rate.
Read the full thesis - Oakmark Fixed IncomeJune 2026
Meta Platforms benefits from massive scale and multiple AI monetization paths, making it an attractive way to gain AI exposure.
Read the full thesis - Polen Focus GrowthMarch 2026
Meta Platforms is a global digital advertising platform with strong AI monetization, massive user reach, and attractive long-term earnings growth.
Read the full thesis - Polen Global GrowthMarch 2026
Meta Platforms is a global advertising platform with AI monetization, massive user reach, and attractive valuation-driven growth potential.
Read the full thesis - Baron Durable Advantage FundDecember 2025
Meta Platforms is leveraging AI to improve engagement and ad performance with long-term monetization optionality despite near-term investment concerns.
Read the full thesis - YCG InvestmentsDecember 2025
Meta Platforms is the largest social network with powerful network effects and AI-driven ad targeting that sustains engagement and monetization across a 3.5 billion-user ecosystem.
Read the full thesis - Pershing SquareDecember 2025
Meta Platforms, Inc. is a dominant, fast-growing digital ad business with vast AI upside trading at a discounted multiple.
Read the full thesis - Rowan StreetDecember 2025
Meta Platforms is a dominant social and advertising platform whose founder-led long-term investments are enhancing ad effectiveness and cash generation, supporting continued compounding.
Read the full thesis - Mar Vista US Quality PremierDecember 2025
Meta Platforms is sustaining robust growth while investing heavily in AI infrastructure that the managers expect will catalyze future revenue and free cash flow expansion.
Read the full thesis - Baron Fifth Avenue Growth FundDecember 2025
Meta Platforms is a dominant social network benefiting from AI-driven engagement and ad improvements with long-term monetization optionality despite elevated near-term AI spend.
Read the full thesis - Artisan Global Value StrategySeptember 2025
Meta is significantly increasing its capex investments, targeting $70 billion in 2023, with strong incremental returns expected from AI enhancements, despite some initiatives currently lacking economic value.
Read the full thesis - Longriver Partners FundJune 2025
Meta has built world-class AI infrastructure and automation for its ad platform, but without a compelling consumer-facing product, it risks powering the future of AI from behind the scenes while rivals like OpenAI capture the end-user and the upside.
Read the full thesis - Loomis Sayles Global Growth FundDecember 2024
Meta is a high-quality company positioned for strong growth through its competitive advantages in online advertising, with a significant market share potential and currently undervalued in the market.
Read the full thesis - Nightview capitalDecember 2024
Meta is a dominant force in global advertising, leveraging its extensive platform reach, AI advancements, and innovations in wearables to drive long-term growth.
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