Social ads · AI infrastructure · In-house silicon (MTIA)
Meta Platforms
Social big-tech operator of Facebook, Instagram and WhatsApp. FY2025 revenue was $201.0B (+22%), mostly ads. It raised cash capex from $37.3B to $69.7B in one year (+87%) for AI data centers. It buys Nvidia Hopper GPUs among the largest alongside Microsoft (224k units in 2024), runs Llama on AMD MI300X, and co-develops its own MTIA chip with Broadcom, built at TSMC. A key demand sink for AI chips.
META Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Meta Platforms is directly linked to 25 companies (25 supply, 1 revenue relationships) and reaches 39 companies within two hops; the links are backed by 32 dated sources, 7 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+23.1%'22-64.2%'23+194.1%'24+66%'25+13.1%YTD+1.6%
Money in ▸advertising · consumers (Facebook · Instagram · WhatsApp)●Revenue $201BReality Labs (VR·AR)◐Revenue $2.2B프록터앤갬블 (P&G)◐
Meta PlatformsFY2025 revenue $201.0B
▸ Money outNVIDIA●Units 224,000AMD●Broadcom●TSMC●Arista Networks●Wiwynn●Vistra●Everpure (formerly Pure Storage)●Corning●NextEra Energy●Luxshare Precision◐Amount $520MQuanta Computer◐SK hynix◐Astera Labs◐CoreWeave◐Western Digital◐Constellation Energy◐Eaton◐Schneider Electric◐Oklo◐Super Micro◐Caterpillar◐Celestica◐Luxshare Precision◐이오플링크◐
Financials & Segments
- Total revenue · FY2025 revenue $201.0B (+22%)
- Customer concentration · Demand sink for AI infrastructure. Cash capex $69.7B (FY2025, up 87% from $37.3B). GPUs from Nvidia (224k Hopper units in 2024, among the largest with Microsoft) and AMD MI300X (Llama inference); its own MTIA chip is co-developed with Broadcom and built at TSMC 5nm.
- Segments · Family of Apps · Reality Labs
Revenue from
- advertising · consumers (Facebook · Instagram · WhatsApp) High confidence· Revenue $201B · FY2025 · 10-K annual total revenue
The demand end of the chain: Family of Apps advertising is most of revenue. FY2025 total revenue $201.0B (+22%).Confirms EN SEC EDGAR Published Jan 29, 2026: Meta Platforms FY2025 Form 10-K (year ended Dec 31, 2025) - Reality Labs (VR·AR) Medium confidence· Revenue $2.2B · FY2025 · 10-K segment revenue
VR/AR hardware and content: $2.2B revenue but a $19.2B operating loss, a long-term AI/metaverse bet.Confirms EN SEC EDGAR Published Jan 29, 2026: Meta Platforms FY2025 Form 10-K (year ended Dec 31, 2025) - 프록터앤갬블 (P&G) Medium confidence
One of the largest outlets of P&G's $9.2bn FY2025 ad spend; most Meta/Google digital buying executed in-house via self-service tools.
Pays to
- NVIDIA High confidence· Units 224,000 (est.) · CY2024 · Omdia estimate
Among the largest Nvidia Hopper GPU buyers alongside Microsoft: about 224k units in 2024 (Omdia), roughly 9% of Nvidia revenue.Mentions EN SEC EDGAR Published Jan 29, 2026: Meta Platforms FY2025 Form 10-K (year ended Dec 31, 2025)Confirms EN heise online Published Dec 19, 2024: Microsoft buys most Nvidia accelerators (Omdia estimate) - AMD High confidence
Runs Llama 3/4 inference on AMD Instinct MI300X; diversifies supply via long-term Nvidia and AMD deals.Confirms KO Seoul Economic Daily Accessed Jun 20, 2026: AMD: AI chip MI300X counts OpenAI, Meta, Microsoft among customersMentions KO Digital Today Accessed Jun 20, 2026: Meta unveils its own AI chip after large Nvidia and AMD deals - Broadcom High confidence
Co-develops its own MTIA AI chip with Broadcom (chip design, packaging, networking; multi-gigawatt, multi-generation 2nm).Confirms EN Meta Newsroom Published Apr 15, 2026: Meta partners with Broadcom to co-develop custom AI siliconConfirms KO Electronic Times Published Apr 15, 2026: Broadcom and Meta deepen AI-chip alliance, accelerating diversification from NvidiaConfirms EN Tom's Hardware Accessed Jun 20, 2026: The custom AI ASIC state of play — Broadcom, Google TPUs, Meta MTIA - TSMC High confidence
Has its own MTIA chip fabricated at TSMC 5nm (MTIA v2 mass production end-2025); 288GB HBM.Confirms EN Tom's Hardware Accessed Jun 20, 2026: The custom AI ASIC state of play — Broadcom, Google TPUs, Meta MTIAMentions KO AI Times Accessed Jun 20, 2026: Meta unveils its own next-gen MTIA AI chip to complement GPUs - Arista Networks High confidence
Buys AI datacenter Ethernet switches from Arista Networks. - Wiwynn High confidence
Meta is 50%+ of Wiwynn revenue (Wiwynn ODM). - Vistra High confidence
Sources datacenter power from Vistra nuclear via PPA. - Everpure (formerly Pure Storage) High confidence
Adopts Pure DirectFlash for massive-scale storage. - Corning High confidence
Sources datacenter fiber/connectivity from Corning.Confirms EN RCR Wireless Published Jun 11, 2026: Corning emerges as key AI-infra supplier on hyperscaler fiber - NextEra Energy High confidence
Sources datacenter power via NextEra PPA (2.5GW).Confirms EN EnkiAI Published Jan 1, 2026: NextEra powering datacenters with nuclear (Meta 2.5GW, Google) - Luxshare Precision Medium confidence· Amount $520M · FY2026 · Vietnam investment for Meta VR production
Contract manufacturer of Meta's VR devices, investing about $520M in Vietnam in 2026 to expand VR production.Confirms EN DigiTimes Published Jan 6, 2026: Luxshare invests US$520 million in Vietnam for Meta VR production expansion - Quanta Computer Medium confidence
Sources GB200 AI servers from Quanta. - SK hynix Medium confidence
Supplies HBM for MTIA (288GB) and data-center memory (supplier/volume undisclosed).Confirms EN Tom's Hardware Accessed Jun 20, 2026: The custom AI ASIC state of play — Broadcom, Google TPUs, Meta MTIA - Astera Labs Medium confidence
A key hyperscaler customer buying retimers and fabric connectivity directly. - CoreWeave Medium confidence
Rents GPU-cloud compute from CoreWeave. - Western Digital Medium confidence
WDC HDDs for datacenter mass storage. - Constellation Energy Medium confidence
Sources AI-datacenter power from Constellation nuclear.Confirms KO Electimes Published Jun 1, 2025: Meta signs 20-year nuclear deal with Constellation for AI power - Eaton Medium confidence
Sources datacenter power/UPS from Eaton. - Schneider Electric Medium confidence
Sources datacenter power/cooling from Schneider.Confirms EN DCD Published Sep 1, 2025: Schneider co-develops GB200 NVL72 reference design with NVIDIA - Oklo Medium confidence
Sources AI-datacenter power from next-gen SMRs (Oklo, etc.).Confirms EN Fortune Published Feb 7, 2026: Meta and hyperscalers deal with next-gen nuclear (Oklo, TerraPower) - Super Micro Medium confidence
AI servers to Meta. - Caterpillar Medium confidence
Gensets to Meta datacenters. - Celestica Medium confidence
1.6T switches/AI racks to Meta. - Luxshare Precision Medium confidence
A contract manufacturer of Meta's VR hardware (Quest and related), a cost node in Meta's hardware supply chain.Confirms EN DigiTimes Published Jan 6, 2026: Luxshare invests US$520 million in Vietnam for Meta VR production expansion - 이오플링크 Medium confidence
Deep binding with North American hyperscalers: Chinese media estimate Meta at ~20% of procurement; overseas sales were 94.4% of H1 2025 revenue (CNY 9.86bn).Mentions ZH Securities Times (STCN) Published Aug 25, 2025: Eoptolink H1 results surge ~355%, exports >90%
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Procter & Gamble | lead1 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Meta Platforms | node | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Western Digital | benef1 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +238.4 |
| AMD | benef1 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Caterpillar | benef1 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Wiwynn | benef1 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Arista Networks | benef1 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Quanta Computer | benef1 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Eaton | benef1 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| Celestica | benef1 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Everpure (formerly Pure Storage) | benef1 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | benef1 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Schneider Electric | benef1 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| NextEra Energy | benef1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Vistra | benef1 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| Super Micro | benef1 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| Constellation Energy | benef1 | · | · | +37.2 | +92.7 | +58.8 | -28.6 |
| Oklo | benef1 | · | +0.7 | +6.5 | +101 | +238 | -31.9 |
| AT&S | benef2 | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +390.3 |
| United Microelectronics (UMC) | benef2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Arteris | benef2 | · | -79.6 | +37 | +73 | +52.1 | +124.3 |
| GlobalFoundries | benef2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Quanta Services | benef2 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +56.1 |
| Williams Companies | benef2 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +26.6 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Toppan Printing | benef2 | +49.3 | -2.1 | +99.1 | +8.1 | +10.7 | +9.9 |
| Cameco | benef2 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +4.9 |
| Rigetti Computing | benef2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is an in-house-silicon demand sink that pours social-ad cash flow into AI infrastructure. Most of FY2025 revenue of $201.0B (+22%) comes from Family of Apps advertising, and with that cash it raised AI-datacenter cash capex from $37.3B to $69.7B (+87%) in one year — buying NVIDIA Hopper among the largest alongside Microsoft (224k units in 2024, ~9% of NVIDIA revenue), running Llama on AMD MI300X, and co-developing its own MTIA chip with Broadcom, built at TSMC 5nm. This multi-silicon strategy is a hedge against NVIDIA dependence and makes it one of the largest demand sinks of AI infrastructure — spanning switches (Arista), storage (WDC, Pure) and power (Vistra, Constellation, NextEra nuclear PPAs). Risks are that Reality Labs is a long-term bet with $2.2B revenue against a $19.2B operating loss, and the payback burden if AI capex outruns ad cash flow.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 1 · Sell 0 · Avg. target $792 · Price $669.21 (07-10) · Upside +18%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Wells Fargo · Ken Gawrelski | Overweight | $767 | Jul 2, 2026 | Report ↗ |
| UBS · Stephen Ju | Buy | $865 | Jun 4, 2026 | Report ↗ |
| RBC Capital Markets · Brad Erickson | Outperform | $810 | Jun 1, 2026 | Report ↗ |
| JPMorgan · Doug Anmuth | Neutral | $725 | Apr 30, 2026 | Report ↗ |
Maintains Overweight and lifts the target to $767 from $765 on advertising growth and progress in AI monetization.