Meta Platforms (META, Buy, $390 target) Quick Thoughts Ahead of the Print
What’s New: In this brief note we touch on:1. Advertising Trends, including:
• Impact of Chinese advertisers, especially Temu and Shein
• The Advantage+ tailwind
• The continued growth of Reels
2. Updates across AI Initiatives and VR/AR, including:
• Llama 3
• Meta AI and Character Agents
• Reality Labs and Wearables
3. 2024 Expense Guidance
4. 2024 Capex Outlook post GPU disclosure
5. Regulation & Policy Update
Facebook is building and engaging products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices. The company's products include: Facebook, which enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, which is a place where people can express themselves through photos, videos, and private messaging, and explore their interests in businesses, creators and communities; Messenger and WhatsApp, which are messaging applications; and Oculus, which connects people through its Oculus virtual reality products.
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