META - Meta Platforms Inc.

Marked as 'cheap' on his stock valuation sheet.

Richard points to Meta as the company most actively moving debt off its balance sheet via SPVs and residual value guarantees (Hyperion/Benet Investor $27.3B, El Paso/Soapia Investor $12.3B), and flags its ~$350B in uncommenced leases and financial guarantees as concerning. He frames this as a deteriorating risk profile rather than a sell signal, and explicitly says this is not an investment recommendation.

Also named as a hyperscaler issuing enormous AI-related debt to fund the buildout. Prehn highlights the concentration and credit implications rather than positive equity fundamentals.

JP Morgan upgraded Meta to overweight and raised its price target to $820 from $640, citing AI upside beyond ads (Muse, business agents) and Meta's ~4 billion user distribution advantage. Host viewed this as a strong sign of confidence.

Host lists Meta as a favored advertising/AI stock, owning the end user. He's interested in big names.

A sleeping giant; AI business is closing the gap with OpenAI/Anthropic while the ad business comes almost for free at a $1.6T valuation. Patient investors could see a big move.

No explicit buy/sell call, but the author presents the settlement as a financial positive for Meta: the real annual cash cost is small relative to revenue, legal spending, and operating income, and it removes a potentially catastrophic trial outcome. He notes Wall Street marked the stock up 1.1% on the news.

Host believes it's a good company but says the most recent quarter looked bad on most metrics (EPS miss from a large tax hit, decelerating revenue/EPS, falling cash and free cash flow from ~$13B to $1.7B), so it's not something to 'show off.'

Reported up 3.7%; guest notes Meta rapidly re-entered the model race (Muse 1.3) after falling behind.

Meta is on sale.