Ron Josey is a managing director and senior internet analyst at Citi, covering Meta and the online advertising sector. He provided analysis on Meta's Q2 results, ad business strength, and AI infrastructure investment thesis.
no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY
Meta's ad business continues to grow at 28% with AI-driven ranking improvements boosting engagement across Instagram and Facebook, and the company's massive scale of 3.6B daily active people plus a healthy balance sheet justify continued heavy AI infrastructure investment even as free cash flow turns negative for years.