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This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
👉 But none of it shows up on Meta’s balance sheet. How? Meta shifted the entire project into a joint venture: 🔹 Meta owns 20% 🔹 Blue Owl Capital owns 80% 🔹 A holding company (Beignet Investor) issued $27.3B in bonds, mostly bought by Pimco 🔹 Meta will rent the data center starting in 2029 And here’s the kicker: the lease is structured to qualify as an operating lease, not a finance lease — letting Meta avoid listing the giant asset and the massive debt. But peel back the layers and things get messy: 🔥 Meta runs the data center 🔥 Meta carries the risk of cost overruns 🔥 Meta guarantees the full value of the bonds if they don’t renew 🔥 Yet Meta insists it doesn’t “control” the venture enough to count it on the books Even the Wall Street Journal called it “artificial accounting.” 🧩 It’s part of a bigger trend: Tech giants want unlimited AI infrastructure… 🚫 …but they don’t want the debt that comes with it. Morgan Stanley estimates the industry could need $800B in off-balance-sheet financing by 2028. Meta may not be borrowing on paper — but economically, this is debt with extra steps. What do you think: smart financial engineering or a red flag in disguise? Source: Hedgie
Back in June, Alphabet and Meta were seen as roughly on par, w/only ~$200bn separating them in market value. Just 4 months later, the picture looks completely different – the gap has exploded to nearly $1.8tn. GOOG is now 2x the market cap of META. (HT Goldman) Source: Holger Zschaepitz @Schuldensuehner
But the company also raised its full-year capital expenditure estimates to between $64 billion to $72 billion, up from $60 billion to $65 billion. Despite fears of an advertising slowdown amid tariff uncertainty, Meta says it anticipates Q2 revenue of between $42.5 billion and $45.5 billion, ahead of Wall Street's expectations of $44 billion. $META Meta Q1 FY25: 👨👩👧👦 Daily active people +6% Y/Y to 3.43B. 👀 Ad impressions +5% Y/Y. • Revenue +16% Y/Y to $42.3B ($1.0B beat). • Operating margin 41% (+4pp Y/Y). • EPS $6.43 ($1.21 beat). • FY25 Capex: $64-$72B (prev. $60-$65B).
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