Pershing Square Holdings (OTCPK:PSHZ.F) Update / briefing February 11, 2026 10:00 AM ET Company ParticipantsAhmed Beydoun - Principal and Chief Investment Decision-MakerAnthony Massaro - Investment TeamBharath Alamanda - Investment TeamCharles Korn - Investment TeamFeroz Qayyum - Investment TeamHarry Lloyd-Owen - DirectorRonald Hamilton-Swan is - Special Situations Equity Sales ProfessionalRupert Morley - ChairmanRyan Israel - Chief Investment OfficerTony Reading - Director of Investor RelationsWilliam Ackm ...

Meta Platforms (META) stock is once again in the limelight after the company reported good earnings results, taking its shares close to record highs. Although Wall Street has generally reacted well to the accelerating revenue growth of Meta Platforms and its aggressive artificial intelligence (AI) plans, at least one major investment firm is cautioning investors not to get overly bullish on the tech giant’s shares. In a recent interview, Needham senior analyst Laura Martin said Meta Platforms is “priced fo ...

Core Insights - Meta Platforms reported Q4 2025 revenue of $59.89 billion, exceeding the $58.41 billion forecast, with an EPS of $8.88, up 8.4% from the consensus of $8.19 [2] - The Q1 2026 revenue forecast is between $53.5 billion and $56.5 billion, significantly above the $51.4 billion expected by analysts, indicating a 30% growth acceleration [3] Financial Performance - Meta's capital expenditure (Capex) for 2026 is projected to be between $115 billion and $135 billion, a substantial increase from the $72.22 billion invested in 2025 [5] - Reality Labs reported a loss of $6 billion in the quarter, which is about 10% of total revenue, but the market is accepting these losses as long as advertising revenue continues to grow above 20% [6] Market Position - The stock is trading at a trailing P/E of approximately 30x, with a Q4 EPS of $8.88 and an annual EPS of $23.50 for 2025 [7] - The revenue growth of 24–30% justifies the 30x multiple compared to peers, with a current share price valuation of $843 and an expected upside potential of over 20% [9] Strategic Initiatives - Meta is focusing on monetizing its AI investments, with plans to integrate large language models into its recommendation systems for Instagram and Facebook [5] - The company aims to cap losses from Reality Labs in 2026, with expectations of gradual decreases in losses thereafter [6]

分组1 - U.S. Federal Reserve Chair Jerome Powell's press conference revealed limited insights, with stock futures showing little change and major indexes posting modest gains [1][2] - Meta's shares rose over 8% after beating fourth-quarter earnings expectations and providing strong sales guidance, although its Reality Labs unit reported a wider operating loss of $6.02 billion compared to the expected $5.67 billion [2][3] - Microsoft shares fell 7% despite surpassing Wall Street predictions, attributed to cooling cloud growth and light operating margin guidance [4] 分组2 - Tesla reported stronger-than-expected earnings and revenue for the fourth quarter, leading to a 2% increase in shares, but also noted its first full-year sales decline on record [5][6] - CEO Elon Musk announced the discontinuation of Model S and X production, reallocating resources to build Optimus humanoid robots, and Tesla plans to invest around $2 billion in xAI, a startup competing with OpenAI [6][7] 分组3 - The U.S. dollar index regained some ground after Treasury Secretary Scott Bessent denied intervention reports, despite the index falling over 10% in the past year, leading some to view the dollar as being in a bear market [9][11] - JPMorgan Chase, Bank of America, and Wells Fargo committed to matching the U.S. government's contribution to tax-advantaged savings accounts for children, with additional support from Altimeter Capital and rapper Nicki Minaj [12][13][14]

Summary of Meta Platforms Inc. (META) Q4 '25 Earnings Call Company Overview - **Company**: Meta Platforms Inc. (META) - **Market Cap**: $1.7 trillion - **Current Price**: $672.97 - **12-Month Price Target**: $815.00, indicating an upside of 21.1% [6][5] Key Financial Metrics - **Q4 Total Revenues**: $59.89 billion, exceeding estimates (GSe: $59.03 billion, Visible Alpha Street: $58.42 billion) with a year-over-year increase of +24% [2][3] - **Family of Apps Revenues**: $58.94 billion (+25% YoY) [2] - **Reality Labs Revenues**: $955 million (-12% YoY) [2] - **Total Daily Active Users**: 3.58 billion [2] - **Q4 GAAP Operating Income**: $24.75 billion, with a margin of 41% [2] - **GAAP EPS**: $8.88, surpassing estimates (GSe: $8.22, Street: $8.21) [2] Guidance and Future Outlook - **Q1 '26 Revenue Guidance**: $53.5-56.5 billion, compared to estimates (GSe: $52.82 billion, Street: $51.25 billion) [3] - **FY2026 Total GAAP Expenses Guidance**: $162-169 billion (GSe: $151.87 billion) [3] - **FY2026 Total Capex Guidance**: $115-135 billion (GSe: $124.88 billion) [3] Strategic Insights - Management is expected to discuss the company's AI strategy and how it will impact operational efficiency and growth investments during the earnings call [1] - Focus on the sustainability of revenue growth rates for Q1 2026 and the potential for new revenue opportunities through AI applications [1] Risks and Challenges - Risks to the Buy rating include competition for user growth, regulatory scrutiny, and the potential for large investments in long-term initiatives to depress margins [5] Additional Information - The report indicates a strong operational performance by META management, which may lead to positive investor sentiment [1] - The earnings call is anticipated to provide insights into the company's investment cadence and operational momentum [1]

80.2% 80.3%. So a beat on both the top and bottom lines. These very important numbers in terms of their cloud revenue, 32.91% billion estimates, we're calling for 32.39%.So another beat there. Azure and other cloud revenue FX. That's up 38% right in line with the estimates here.So they are posting beats across the board. They also crossed the $50 billion mark for cloud revenue this quarter for the first time. These numbers coming across.And as we're looking at the move the move is to the downside. We're dow ...

Group 1 - Meta Platforms Inc. is cutting over 1,000 jobs from its Reality Labs division to redirect resources towards AI wearables and phone features, moving away from virtual reality and metaverse products [1] - The company's metaverse initiative has been costly, with Meta investing tens of billions of dollars since 2021, yet it has struggled to gain user adoption, resulting in a $4.4 billion loss in Reality Labs for Q3 [2] - Meta's previous ambitions included non-fungible tokens (NFTs) as part of its virtual world strategy, but interest waned following the crypto market slump in 2022, leading to the shutdown of all NFT-related efforts by March 2023 [3][4] Group 2 - The shift in priorities towards generative AI and consumer-facing AI products marks a significant departure from Meta's earlier focus on the metaverse [4] - Following the news of Meta's job cuts and strategic shift, metaverse-linked tokens experienced a decline, with Render (RENDER) dropping by 7.96% and other tokens like Sandbox (SAND) and Decentraland (MANA) also trading lower [5][6] - The total market capitalization of metaverse tokens fell by 4.11% in 24 hours, standing at $5.74 billion at the time of reporting [6]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists across key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the team includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans to maintain quality and best practices in content production [5]

Core Viewpoint - Wall Street is signaling Meta Platforms to reduce spending on Reality Labs, favoring investments in artificial intelligence (AI) and smart glasses, which has positively impacted Meta's stock price [1][13]. Financial Performance - Meta's Family of Apps generated $139.8 billion in revenue and $71.7 billion in operating income for the nine months ended September 30, 2023, indicating strong profitability [10]. - Operating income from the Family of Apps has more than offset the losses from Reality Labs, which reported losses of $16.12 billion in 2023 [6][5]. - Meta's operating margins remain high at 43.3%, even after accounting for Reality Labs losses, showcasing the profitability of its core business [8][10]. Stock Performance - Since the beginning of 2023, Meta's stock price has surged by 450%, significantly outperforming the Nasdaq's 124.6% gain, reflecting investor confidence in the company's growth prospects [6]. - Despite the stock price increase, Meta is still considered the cheapest stock among the "Magnificent Seven" tech companies, indicating strong potential for value investors [7]. Strategic Shift - Meta's decision to cut back on metaverse spending in favor of AI initiatives is viewed positively, enhancing the investment thesis for long-term investors [13][14]. - The company is focusing on building data centers, refining search algorithms, and developing its Llama large language model to enhance its AI capabilities [14]. Market Context - The name change to Meta Platforms in October 2021 aimed to emphasize the company's expansion into virtual worlds, although it was followed by a significant stock price decline in 2022 [4][3]. - The Family of Apps, which includes Instagram, WhatsApp, and Messenger, is seen as a cash cow for the company, with operating income significantly outweighing losses from Reality Labs [5][11].

Core Insights - Meta is reportedly considering cutting the budget for its Metaverse Group by up to 30%, which has positively impacted its stock price amid concerns over high spending and recent earnings [1] - The company has raised the low end of its total expenses for the year to $116 billion, indicating a focus on managing costs [2] Budget Cuts and Focus Shift - The potential budget cut appears to be more targeted towards the Reality Labs segment rather than a blanket cut across all AR/VR initiatives, possibly closer to a 10% reduction overall [3][4] - This shift suggests that Meta is approaching its Reality Labs investments with more discipline, addressing investor concerns about operational expenditure growth and the uncertain returns from long-term projects [4][5] Investor Sentiment and Strategic Direction - Investors have been frustrated with the lack of returns from Reality Labs, which has been viewed as a "black hole" for capital, leading to a need for more stringent capital allocation decisions [5][10] - The company is pivoting its focus from the metaverse to artificial intelligence (AI), which is now seen as its primary strategic direction, as the metaverse investments have not yielded the expected consumer interest [6][7] Performance and Future Outlook - Despite heavy investments in both the metaverse and AI, Meta has managed to maintain healthy operating income growth, indicating effective management of its core business [9] - The cumulative operating income losses from Reality Labs have exceeded $80 billion since 2019, highlighting the challenges faced in the VR segment, while there may still be potential in augmented reality (AR) [11]