Squawk on the Street SOTS 2nd Hour: Meta Minus The Metaverse? Plus: Cantor's Chief Macro Strategist, Fmr. Antitrust Chief Jonathan Kanter 12/4/25
Dec 4, 2025
Gil Luria, Head of Technology Research at D.A. Davidson, discusses Meta's shift away from metaverse projects to focus on AI and data centers, hinting at a boost in stock value. Jonathan Kanter, former Assistant Attorney General, analyzes the antitrust implications of bids for Warner Bros. Discovery and identifies which companies may face the least regulatory obstacles. They delve into the shifting landscape of tech investment and the potential hurdles in the media bidding wars, all while offering insights into navigating market challenges.
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Year-End Rally Backed By Earnings And Policy
- Eric Johnston says earnings upgrades, positioning and seasonality set up a year-end market lift.
- He notes fiscal stimulus and CapEx expensing as additional tailwinds into next year.
Earnings Power Justifies Higher Multiples
- Johnston argues strong S&P earnings growth supports higher multiples despite current valuations.
- He links earnings power tightly to an ongoing CapEx cycle and an accommodative Fed stance.
Meta Shifts From Metaverse To AI
- Gil Luria says Meta may cut Reality Labs budgets to reallocate to AI and data centers.
- He warns Meta currently lags top models and must invest more in AI to stay competitive.
