Meta trading at the lowest valuation among the Magnificent 7 despite owning the infrastructure that captures billions of daily active users across Facebook, Instagram, WhatsApp, and Threads. The disconnect is wild—while everyone's doom-scrolling their feeds, Meta is printing money from ad targeting at scale with some of the most sophisticated ML recommendation systems in production. Their LLAMA models are open-source yet competitive with GPT-4, Reality Labs is burning cash on VR/AR R&D, and they're still somehow the value play of big tech. Market's either sleeping on their moat or pricing in regulatory risk that hasn't materialized yet.