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Social media companies carry a structural valuation discount.
The market prices them on advertising revenue multiples, and AI capability built into the platform stack tends to ride along unrecognized, absorbed into the same multiple as the feed.
That gap is what the current bull case on Meta Platforms turns on.
Meta has released a new AI model and a personal agent application, and the argument being made is that these products surface value the social media company framing has long obscured.
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