MoneyThe story, in brief
Google Earnings, Meta Earnings
Google is monetizing AI investments NOW. Meta isn't. Here's why Wall Street sees a $500B gap.
The KeyNews take
Why it matters
Google's earnings beat is being driven by AI monetization (potentially Anthropic-related), while Meta's stronger core metrics are being discounted by investors who don't see a clear path to AI revenue. This signals a shift in how the market values AI ROI.
The key facts
6 to knowGoogle earnings beat Wall Street expectations
Meta earnings missed despite stronger core business metrics
Google monetizing AI investments in current quarter
Speculation about Google's Anthropic investment driving earnings upside
Market valuation divergence despite Meta's superior operational performance
Published May 4, 2026 — real-time earnings analysis
Go to the source
Stratechery (Ben Thompson)stratechery.com
Publisher excerpt: Wall Street loved Google's earnings, and hated Meta's, even though the latter's core business was more impressive. The difference is that Google is monetizing its investments now (and it might be all Anthropic).