They are also categorized as "communication services" in most financial benchmarks, instead of software, just like META. Funnily enough, combined with META they

They are also categorized as "communication services" in most financial benchmarks, instead of software, just like META. Funnily enough, combined with META they represent 30% of this sector. There is definitely something to argue about. My point being, their capital structure is focused around the IP they own which is mostly tech stuff rather than ad stuff. When they don't build the stack themselves they acquire it, not merely purchase products, like some tv/radio network would do to create content and broadcast it. On the other hand when they spend on improving their ad monetization it's an expense, not an investment, which to me kind of proves my point.