Matt Britzman, senior equity analyst, Hargreaves Lansdown:
“Meta is crushing it, with Mark Zuckerberg’s AI vision finally starting to gain some traction. Muse is taking shape as a genuine consumer agent, adding major retail partners, conversational voice and deeper integration across Meta’s glasses. New products tick a second box, with a Charm device and lightweight VR glasses extending the push into the physical world. It’s early days, but Meta is starting to connect the dots on how to pair its 3.5 billion daily users with a genuine agentic experience that spans software and hardware.
The bull case we put forward earlier this year is starting to take shape. Meta had been trading like a company spending a fortune with no clear new revenue streams in sight. But Muse ticks the agentic AI box, and the new devices offer a credible next step into the product world. But investors need to take note of the shift. With shares up over 30% in the last month, the investment case no longer benefits from the low-hanging fruit of a severely depressed earnings multiple. This next leg relies on Meta’s scale, its emerging agentic offering, and new products to deliver better-than-expected earnings growth. On that front, we still think consensus is underestimating the new earnings streams that Meta can unlock with AI."
Notes to Editors
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