1. Meta's stock has significantly outperformed since the last earnings due to better monetization of its AI investments; 2. The outperformance can continue due to rapid returns in AI services for advertisers; 3. Meta is well positioned to beat Apple in AR/VR due to higher spending ability and focus; 4. The company's long-term ability to build a strong product, platform, and services lineup should be a positive for the stock; 5. Despite recent gains, Meta's stock is trading at a modest 20x its EPS estimate for fiscal year 2026, making it a good long-term buy-and-hold option.