{
  "generatedAt": "2026-10-08T17:44:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "meta",
  "name": "Meta",
  "ticker": "META",
  "url": "https://deepstack.ltd/companies/meta/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/meta.json",
  "summary": "Meta appears in Part 4, Part 5, Part 6, Part 7, Part 8, Part 9, Part 10 of The Buildout. Part 4: AI Spending Has Met Its First Real Bill; Part 5: OpenAI and Anthropic Are Not the Same Business; Part 6: Power Doesn’t Depreciate. Its Premium Moves.; Part 7: The Fed Hiked. The Long End Still Climbed.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 9: Habit Was the Moat. Agents Are Draining It.; Part 10: The Bubble Is in the Denominator.",
  "parts": [
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "headline": "The Fed Hiked. The Long End Still Climbed.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "headline": "Habit Was the Moat. Agents Are Draining It.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "numbers": [
    {
      "value": "18%",
      "label": "Meta stock gain",
      "context": "Closing prices, Financial Modeling Prep, Sep 8-Oct 2, 2026",
      "part": 9,
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    }
  ],
  "mentions": [
    {
      "part": 4,
      "section": "Lede",
      "excerpt": "Meta was 22 percent below, Oracle 54 percent below.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "Defense has a case",
      "excerpt": "That is the market’s split in one glance: Nvidia and Micron have been paid for scarcity; Alphabet, Meta and Oracle have been charged for financing.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "Arithmetic sets the test",
      "excerpt": "Prof G Markets tallied the immediate bill: Amazon, Google, Microsoft and Meta spent $165 billion on capital spending in three months, up 87 percent from a year earlier and 393 percent from three years earlier.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "section": "Cheap intelligence arrives",
      "excerpt": "Deepvalue Capital says Alibaba’s models passed 3bn downloads, ahead of Meta and Google, while compute stays tight and the price per token keeps falling.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "section": "Politics sets the price",
      "excerpt": "Loudoun County, Virginia used data-center taxes for two schools, a park and a recreation center costing $102 million; a Louisiana parish is using taxes from a new Meta facility for $51,000 teacher bonuses.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "section": "AI meets the rate",
      "excerpt": "Two days after the Fed moved, CleanSpark, a bitcoin miner building a data center for Meta, sold $2.3 billion of five-year notes at 8.25% and drew about $10 billion in orders.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "section": "A shortage with a price",
      "excerpt": "A developer with Meta or Alphabet as tenant can pay up.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "What lenders actually own",
      "excerpt": "Meta’s Louisiana campus shows how the structure works.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "section": "Lede",
      "excerpt": "On September 8, Meta released Muse, an assistant designed to run errands rather than answer questions.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 9,
      "section": "Lede",
      "excerpt": "Meta responded with distribution.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 9,
      "section": "Lede",
      "excerpt": "Mark Zuckerberg said Meta would keep a small cut of each purchase.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    }
  ],
  "sides": [
    {
      "part": 4,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The current hyperscaler capex boom, with Alphabet, Amazon, Meta, and Microsoft together spending close to $800 billion in 2026, requires external capital funding for the first time because capex now exceeds internal cash flow.",
      "date": "2026-08-27",
      "url": "https://fiscal.ai/fund-letters/hayden-capital-q2-2026-fscl_document_4UXZ6MTS260",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    },
    {
      "part": 8,
      "question": "cash-or-loop",
      "side": "real-cash",
      "sideLabel": "Real cash, real use",
      "claim": "Today's biggest AI infrastructure spenders are large, highly profitable companies like Microsoft, Google, Amazon and Meta, with Microsoft generating more than $55 billion of operating cash flow in its latest quarter and Alphabet roughly $39…",
      "date": "2026-09-07",
      "url": "https://gaetanoresearch.substack.com/p/fiber-optics-boom-bust-how-similar",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Meta's data center JV structure shows that the parties closest to the assets do not believe the value will hold: lenders would not bear residual value risk without protection, so Meta issued a residual value guarantee of up to $28 billion on…",
      "date": "2026-09-24",
      "url": "https://michaeljburry.substack.com/p/capital-cycle-iq-and-the-forensic",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Hyperscalers including Google, Microsoft, Amazon, and Meta have spent over a trillion dollars in capital expenditure on GPUs, largely to capture revenue from OpenAI and Anthropic, which they themselves continue to fund, creating a closed loop where…",
      "date": "2026-09-09",
      "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "question": null,
      "side": "eighteen-months",
      "sideLabel": "Eighteen months, or less",
      "claim": "Despite Muse's initial traction, its long-term success is far from assured; Meta can cross-promote it across Facebook, Instagram, and WhatsApp, but competitors with similar distribution advantages are coming, with OpenAI likely being the biggest…",
      "date": "2026-09-22",
      "url": "https://taekim.substack.com/p/metas-muse-is-no-sure-thing",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": null,
      "side": "still-a-demo",
      "sideLabel": "Still a demo",
      "claim": "Since Meta Muse optimizes how consumers clean up digital subscriptions they no longer care about, at scale it could implode subscriptions and accelerate subscription fatigue further in 2027, significantly hurting independent media providers such as…",
      "date": "2026-09-29",
      "url": "https://www.ai-supremacy.com/p/the-era-of-personal-super-intelligent-agents-muse-2026",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "whose-margin-pays",
      "side": "inertia-businesses",
      "sideLabel": "The inertia businesses",
      "claim": "After personally using OpenAI's Dots, Meta's Muse and Instinct, the creator says he now has much higher confidence that personal AI agents will be the future of computing and a lift off for a new AI wave, praising how they proactively ping him…",
      "date": "2026-10-02",
      "url": "https://taekim.substack.com/p/openais-undeniable-resurgence-and",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "who-collects",
      "side": "owner-of-the-agent",
      "sideLabel": "The owner of the agent",
      "claim": "Muse is gaining traction: as of that Friday it ranked No. 1 in Apple's App Store ahead of ChatGPT at No. 2, Gemini at No. 8, and Claude at No. 13, and since its September 8 unveiling Meta has added nearly $170 billion in market cap and is up 9%…",
      "date": "2026-09-21",
      "url": "https://www.profgmedia.com/p/a-new-ai-app-beat-chatgpt-to-no-1",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "who-collects",
      "side": "owner-of-the-agent",
      "sideLabel": "The owner of the agent",
      "claim": "Meta's Muse, released with less initial fanfare than the Anthropic-OpenAI race, is a serious AI agent product designed to handle everyday tasks like reservations, appointments, and purchases, with Meta's CEO stating the plan is to eventually take a…",
      "date": "2026-09-21",
      "url": "https://www.profgmedia.com/p/a-new-ai-app-beat-chatgpt-to-no-1",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "Meta financed a $27 billion Louisiana data center last year through an SPV called Beignet Investor LLC, owning only 20% while Blue Owl and Pimco hold the rest; Meta is building it, has promised to rent it for 20 years, and bears the cost of delays…",
      "date": "2026-09-25",
      "url": "https://realeismanplaybook.substack.com/p/the-enron-era-tricks-are-back-in",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "what-does-5-percent-do",
      "side": "long-end-nobody-caps",
      "sideLabel": "A long end nobody caps",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    }
  ],
  "coverage": {
    "creators": 124,
    "claims": 1930,
    "texts": 801,
    "asOf": "2026-10-08"
  },
  "lastUpdated": "2026-10-08",
  "market": {
    "price": 722.12,
    "change": 0.81,
    "changePercent": 0.1123,
    "marketCap": 1839591001928,
    "pe": 26.8346,
    "nextEarnings": "2026-10-28",
    "exchange": "NASDAQ",
    "currency": "USD",
    "asOf": "2026-10-08T14:30:51.000Z",
    "source": "Financial Modeling Prep",
    "sourceUrl": "https://financialmodelingprep.com",
    "note": "Delayed quotes."
  }
}