JPM TECH SKETCH: META AI Bull Case Much Clearer, NFLX Engagement Problems, DIS+ Free Tier?, SPOT AI Data Labeling

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JPM TECH SKETCH: META AI Bull Case Much Clearer, NFLX Engagement Problems, DIS+ Free Tier?, SPOT AI Data Labeling

Specialist Sales J P M O R G A N

10 July 2026

Media Q226 Earnings Preview Webinar (DIS, LYV, TKO, FOXA, etc.) Tuesday July 28th at 10AM EST - with David

Karnovsky & Mark Schilsky REGISTER HERE

NEWS – DESK COLOR – JPM TECH RESEARCH

META is Building a Hyperscaler (re: AMZN, GOOGL, SPCX,

OpenAI, Anthropic, etc.):

Technically, Zuckerberg laid out plans to build a neocloud and a leading edge LLM lab, but ‘hyperscaler’ is just so much easier to

use in a title.

Regardless, META rallied +5% yesterday because Zuckerberg clearly laid out a credible plan to monetize his massive

capex investment. This is nearly a 180-degree turn from where we were two weeks ago when investors were still scrambling to

understand how META was going to monetize the much-rumored consumer and business AI agents. Now, META has laid out a

clear plan to monetize its capex investment via two proven routes: Neocloud & LLM API. Investors know these business models

can generate significant revenues at decent margins. Just take a look at SPCX, CRWV, NBIS, OpenAI & Anthropic. These are

proven business models that META shareholders can underwrite with a reasonable degree of certainty. This is a far cry

from the uncertain future of consumer and business AI agents that we have been actively discussing for the past few months. The

debate on META has shifted considerably over the past week. Pay close attention – META’s Q226 earnings call is going to be a

banger.

Investor Feedback: The debate on META is rapidly shifting from ‘How big will the 2027 Capex guide be?’ to ‘How will

META best monetize that huge Capex build?’ That’s a MUCH healthier debate for the shareholder base to be having, IMO.