Big tech names remain attractive - not their stocks though

Impact · against what's priced in

The news is largely noise for AMZN and META as the market has already discounted the current high-capex, negative-free-cash-flow regime. The preference for bonds over equity reflects a valuation ceiling rather than a fundamental shift in the business models already captured in the prices.

META−0.10

Already priced in

The price assumes

Revenue growth decelerating from 22.2% to roughly 13% annually over the next decade.

Mention of equity fundraising to support creditors confirms the trend of dilution and financing pressure, which aligns with the market's current refusal to price in AI-driven growth acceleration.

What META's price assumes · Sep 2

• META▲238%
• corporate bonds▲180%
• capex▲25%
• cash flow
• tech stocks
• AMZN
• ai