META → $1,172.57 by Aug 5, 2034.

I want to start off with the fact this projection assumes worst case scenario for Meta's AI spend. I think it will likely provide some new revenue streams and continue to improve core algorithm, However EVEN if it doesn't I still believe the core ads business is undervalued. Before 2032 Meta will realize the spending isn't providing good ROIC and start cutting Capex, However even in 2032 maintenance costs will still be high and depreciation will still be hurting margins. …