$META

Did people really expect $META wouldn't charge a subscription for AI products and use their +3B distribution network? $SNAP makes $5B in ad revenue and $1B in direct subs revenue (growing 87% YoY). $META can add a few $10B to its bottom line just by providing solid-value subscriptions. Distribution is the ultimate AI bottleneck and moat, as we have AI models and services available in every app and platform.