Instagram, TikTok, and the Three Trends. Sometimes (OK, a lot of times) Ben Thompson nails it. This one of his nails it. (Also, only 11% of the text is self-quoting!) “There is lots of talk about the $10 billion the company is spending on the Metaverse, but that is R&D; the more important number for this moat is the $30 billion this year in capital expditures, most of which is going to servers for AI. That AI is doing recommendations now, but Meta’s moat will only deepen if Lessin is right about a future where creators can be taken out of the equation entirely, in favor of artificially-generated content.” (Westworld, anyone?)