1、CrispIdea|R E S E A R C HMeta Platforms,IncE Q U I T Y R E S E A R C H Technology|Internet Based Services|Aug 31,2025Meta Platforms,IncLong-term AI vision and monetization strategyWe recommend“Buy”rating with the target price of$827.93 for FY26.The target price is based on a combination of EV/EBITDA

2、 of 20 x and forward P/E of 27.04x with an EPS of$30.61 for FY26.This provides an upside potential of 10%over the CMP of$753.3.We recommend our rating for Meta based on the following factors:1)Advancing AI Capabilities and Investments;2)Advertising Performance and Monetization Efficiency;and 3)Reali

3、ty Labs and Hardware StrategyAdvancing AI Capabilities and Investments:Meta emphasized its long-term strategy around artificial intelligence,particularly the pursuit of superintelligence through its newly established Meta Superintelligence Labs.This initiative consolidates existing AI research units

4、 while adding leading external talent and expanded compute capacity.Significant capital is being directed to multi-gigawatt data clusters such as Prometheus and Hyperion,with the goal of positioning Meta at the forefront of AI development.These efforts are expected to influence both consumer-facing

5、applications and internal efficiencies across advertising,content recommendation,and product innovation.From a financial perspective,the commitment to AI reflects confidence in its ability to drive future monetization through five pillars:advertising improvements,richer user experiences,business mes

6、saging,Meta AI integration,and AI devices.While the revenue contributions from these areas remain in the early stages,stronger advertiser adoption of AI-driven ad tools and growing engagement with Meta AI point toward gradual scaling.This underscores that near-term expense growth is tied directly to