Editorial companion

What stands out

Gil Luria focuses on Meta's Muse AI as the profit engine investors will watch hardest, calling out the speed of earnings growth and the margin path as the key unknowns. He stresses capital expenditures for enterprise-scale AI and flags competition from Alphabet, Apple, and OpenAI as a direct headwind to those plans. Luria also names user-optimization, getting more value from the same billions of users, as a practical growth lever, while public perception about data use remains a persistent reputation risk.