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 Sep 11, 2026 7 AI consumers· 4 recurring
Per the valuechain.wiki graph, Meta Platforms is directly linked to 27 companies (27 supply, 1 revenue relationships) and reaches 42 companies within two hops; the links are backed by 36 dated sources, 8 of them primary filings (as of 2026-09-11).
Annual return · 2026-09-04'21+23.1%'22-64.2%'23+194.1%'24+66%'25+13.1%YTD-6.4%
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●Entergy●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◐Xcel Energy◐
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) - Entergy High confidence
Meta receives power for its northern Louisiana data center under an electric service agreement with Entergy Louisiana, while regulators approved three combined-cycle plants and related transmission infrastructure totaling 2,262 MW of new generation to support the data center.Confirms KO Korea Energy Economics Institute Published Dec 31, 2025: Implications for Korea's Energy Consumption from the Increase in Data Centers in the AI EraConfirms EN Entergy Published Aug 20, 2025: Entergy Louisiana receives LPSC approval for major infrastructure investments to support Meta's data center and improve reliability - 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% - Xcel Energy Medium confidence
Meta receives power from Xcel Energy for its data center in Rosemount, Minnesota, and pays for transmission and other extensions needed to serve the site, but the total power contract value was not disclosed.Confirms EN Xcel Energy Stories Published Mar 15, 2024: Building the 21st-century economy: Xcel Energy to power new Meta data center
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 | +12 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| Procter & Gamble | lead1 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Meta Platforms | node | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Western Digital | benef1 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +171.6 |
| AMD | benef1 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Wiwynn | benef1 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Everpure (formerly Pure Storage) | benef1 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| Arista Networks | benef1 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Caterpillar | benef1 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| Super Micro | benef1 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| Eaton | benef1 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Quanta Computer | benef1 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Schneider Electric | benef1 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Entergy | benef1 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| NextEra Energy | benef1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Celestica | benef1 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Xcel Energy | benef1 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| Broadcom | benef1 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Vistra | benef1 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Constellation Energy | benef1 | · | · | +37.2 | +92.7 | +58.8 | -15 |
| Oklo | benef1 | · | +0.7 | +6.5 | +101 | +238 | -42.5 |
| AT&S | benef2 | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +334.1 |
| United Microelectronics (UMC) | benef2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +168.9 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Nucor Corporation | benef2 | +118.4 | +17.4 | +33.8 | -32 | +42 | +61 |
| Quanta Services | benef2 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +48 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Arteris | benef2 | · | -79.6 | +37 | +73 | +52.1 | +37.9 |
| GlobalFoundries | benef2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +29.7 |
| Williams Companies | benef2 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +25.2 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Cameco | benef2 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +10.1 |
| Toppan Printing | benef2 | +49.3 | -2.1 | +99.1 | +8.1 | +10.7 | +7.2 |
| Rigetti Computing | benef2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Meta Platforms operates across Social ads, AI infrastructure, In-house silicon (MTIA). It is -6.4% in 2026. The supply side (avg +92.2%) has moved harder than the stock (-6.4%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is AMD (+123%) and the furthest behind is Procter & Gamble (+4.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A key demand sink for AI chips.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 1 · Sell 0 · Avg. target $792 · Price $616.77 (09-04) · Upside +28%
| 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.