Meta's business model is sound; buying at below-average historical valuations is justified if capex returns are expected to be good.

Let's talk about the biggest news of the week, which is Meta's launch of its consumer-oriented product, Muse AI.

Then ChatGPT, and of course Anthropic, had tremendous momentum, and they still do . They still have great momentum. But now you have the Muse product, which is currently free for most levels.

They are trying to attract consumers to him, and Zuckerberg is very good at that.

As you know, Toby, we've done deals on the site for Amazon, Meta, Microsoft, and Google, and they've all been successful so far.

What is interesting is the difference in their growth paths. Since we started two months ago, Facebook shares, and Meta more recently , have seen a huge rise. I mean, they've seen a big rise in the last few weeks,

I think we believe in the business models of Amazon and Metal. And when you can buy its shares at valuations that are more attractive than historical averages, and if you believe that the ultimate return on capital invested in these massive capital expenditures will be good, then I think Bill Ackerman has made a good case for it.