Stratechery: Wall Street Loved Google, Hated Meta — The Difference Is Anthropic
Stratechery·high signal
Ben Thompson's May 4 analysis argues that despite Meta's core ad business growing 33% YoY (the faster core business), Wall Street punished Meta (-7%) and rewarded Google because Google is monetizing its AI investments now — and it might all be Anthropic. The divergent market reaction reveals that investors are pricing AI monetization timing, not business fundamentals.