Part of the most pervasive narrative prior to the past Q was that Zuckerberg was obsessed with the Metaverse and would throw everything away while chasing it. In my own writing, I stated how I thought that was a bit silly since, historically, Zuckerberg (and Meta as a whole) are exceptional capital allocators. I can not say exactly what the market reacted to after the print, but I know that what surprised me most was not the extent of the cuts that have already occurred, but the speed at which they came. Even in my own thinking, I assumed there would be a deceleration in spend post-2023 and then several years before big cuts (if needed). All of the language around efficiency and urgency from the last call only reinforces that that line of thinking couldn't be further from the truth.
10/10 work Alex, really good
Thanks Conor! Greatly appreciate the kind words.
This is great stuff
Thanks Aaron!
Great work, as always.
Part of the most pervasive narrative prior to the past Q was that Zuckerberg was obsessed with the Metaverse and would throw everything away while chasing it. In my own writing, I stated how I thought that was a bit silly since, historically, Zuckerberg (and Meta as a whole) are exceptional capital allocators. I can not say exactly what the market reacted to after the print, but I know that what surprised me most was not the extent of the cuts that have already occurred, but the speed at which they came. Even in my own thinking, I assumed there would be a deceleration in spend post-2023 and then several years before big cuts (if needed). All of the language around efficiency and urgency from the last call only reinforces that that line of thinking couldn't be further from the truth.
Very well put Devin, thanks for sharing!