Home Communication Services Summary Meta Platforms generated $56 billion in revenue in a single quarter — almost the entire annual revenue of Goldman Sachs. Zuckerberg rebuilt Meta’s entire advertising infrastructure from the ground up, replacing the user-level tracking data lost to Apple’s iOS privacy changes with AI-powered predictive models that proved to be more effective. Every researcher, every startup, every university building on Llama’s architecture generates insights, techniques and feedback that Meta Platforms can observe and incorporate into Meta's own development. Meta's value optimization suite crossed $20 billion in annual revenue run rate, more than doubling year over year. A 2x valuation gap exists between Meta Platforms and Alphabet where the cheaper business is growing 50% faster than the expensive one. COM & O/iStock Editorial via Getty Images The Wall Street Journal called it an investor trap. We have owned it for eight years. Here is why we disagree.…