META Morgan Stanley TMT 2026

All right. Good morning, everyone. Welcome to our next fireside chat here at the Morgan Stanley 2026 TMT Conference. We are thrilled today to welcome the CFO of Meta, Susan Li.

Susan, welcome back.

Thank you so much for having me.

It's always good to see you in our conversations we have about the industry, the company and everything exciting going on in the overall ecosystem.

Very sort of even killed humdrum period in which to be presiding over one of the most conservative planning cycles that we've been through as an industry.

Clarity is high. Clarity is high. We all know ROIC. It all makes sense.

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Exactly next question. Let me start with the important disclosures, including the personal holdings disclosures and Morgan Stanley disclosures appear on the Morgan Stanley public at www.morganstanley.com/researchdisclosures. They are also available at the registration desk. Some of the statements made today by Meta, may be considered forward-looking.

These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Any forward-looking statements made today by the company are based on assumptions as of today, Meta undertakes no obligation to update and please refer to Meta's Form 10-K with the SEC for a discussion of the factors that may impact actual results. We do have an agent that's just going to do that.

I know. Or are you the person reading really fast on the pharma ads?

Okay. So -- there is a lot that's been changing. Let's -- I want to sort of reflect on the last year, external investor conversations and the perception of what Meta is doing versus where we are now. A year ago, we were sitting here talking about drivers of multiyear durable growth, ROIC on the core platform.

All of these call options like Meta AI that the Meta was going to build, and the market said, Meta is the AI winner, and that's it. One year later, as you know, from the discussions, they're different now. There are more questions about ROIC. There's more questions about the positioning of the company versus other tech peers.

Maybe let me start with, as you look at it