Core Insights - Citi's report indicates that Meta's ad load increased by 230 basis points quarter-over-quarter to 27.1%, marking the largest quarterly increase since Q4 2022, despite a 100 basis point decrease in Q2 [1] - With Instagram's monthly active users surpassing 3 billion in September and the Reels interface enhancing daily video exposure by 50%, user engagement continues to grow, which is expected to improve ad targeting, relevance, and personalization [1] - Citi is closely monitoring the potential impact of the Sora model launch and believes the Vibes feature will evolve towards realism [1] - Ahead of the Q3 earnings report expected on October 29, industry surveys suggest that Meta is striving for a larger share of advertising budgets with the rollout of new products like Business AI, prompting Citi to initiate a 90-day catalyst observation period [1] - Citi maintains Meta as a preferred stock, reiterating a "Buy" rating and a target price of $915 [1]