Bought yet more Meta Platforms (META) in the Trading 212 SIPP today. I know — I just topped this up alongside Palantir and VHYL a few days ago. And here I am, buying more. At this point I should probably just set up a direct debit. But there's a reason I keep adding: the thesis hasn't changed, the conviction hasn't wavered, and when I had a bit more capital to deploy, Meta was still the most obvious place to put it.
Let me be clear about why I keep coming back to this one. Meta is not a social media company. It's an advertising infrastructure company that happens to own the world's largest social networks. Facebook, Instagram, WhatsApp, Threads — together they have over 3 billion daily active users. Three billion people, every single day, scrolling, watching, messaging, engaging. The data that generates is the most valuable advertising targeting dataset ever assembled. And Meta's AI — the recommendation engines, the content ranking algorithms, the ad delivery systems — gets better every time someone opens the app. That's a moat that compounds with usage. More users → more data → better AI → more engagement → more ad revenue → more R&D budget → even better AI. Round and round.
Then there's the AI infrastructure spend. Meta has been pouring tens of billions into data centres, custom silicon (their MTIA chips), and open-source large language models (Llama). This isn't a side project — it's a fundamental bet that owning the AI infrastructure layer will make their advertising business more profitable and open up entirely new revenue streams. Every dollar they spend on AI compute makes their ad targeting better, which makes advertisers spend more, which funds more AI compute. It's a flywheel disguised as a capex line item.
The financials back it up. Meta generates tens of billions in free cash flow annually. The balance sheet is fortress-grade — more cash than debt. They can fund the AI build-out from operating income without breaking a sweat. And they're returning capital to shareholders through buybacks, which I appreciate even if it's not why I own the stock. A business that can invest aggressively in its own future while simultaneously buying back shares is a business with more cash than it knows what to do with. That's a good problem to have.
The risks haven't changed. Regulatory scrutiny across multiple jurisdictions. The ever-present threat of changes to digital advertising tracking (Apple's ATT framework already clipped Meta's revenue growth once). The possibility that the AI spending doesn't deliver the returns the market expects. Competition from TikTok, YouTube, and every other platform fighting for attention. And the stock isn't cheap — it's had a strong run and the valuation reflects a lot of optimism. I'm not buying because I think it's cheap. I'm buying because I think the long-term value of the AI infrastructure they're building — and the advertising moat it reinforces — is probably underappreciated by a market still fixated on quarterly revenue numbers and regulatory headlines.
So yes, I bought more Meta. Again. The position is still sized appropriately — it's a conviction holding, not a bet-the-pension concentration. I own it alongside broad ETFs, global trackers, bonds, and the various other things I write about. But when I look at the landscape of publicly-traded companies with durable competitive advantages, pricing power, and the resources to invest in their own future at scale, Meta keeps rising to the top. So I keep buying. This is what I do, not a recommendation. All the usual warnings apply.
As always: this is what I did with my own money. Not a recommendation. All investing carries risk — you can lose money, and past performance doesn't predict future returns. Individual shares carry significantly more risk than diversified funds. Meta faces specific risks including regulatory action across the US, EU, and UK; changes to digital advertising tracking and privacy regulations; competition from TikTok, YouTube, and other platforms; and the risk that its enormous AI spending does not deliver the expected returns. US-listed shares carry currency risk for UK investors. Do your own research and consider seeking professional advice.