Meta Trades At Half The Multiple Of Its Peer. The Capex Panic Is Overpriced.

One of the more interesting valuation gaps on the market right now has nothing to do with oil, gas, or pipelines. Meta Platforms trades at 21 times trailing earnings while Alphabet - a company facing the identical AI infrastructure spending question - trades at 28 times. Both are pouring tens of billions into data centers. Neither knows when the spending peaks. But only one stock is being punished for it.