Meta Crushes Alphabet: 38% Surge vs 8% on Ad Boom and AI Capex Bet

Meta Platforms Inc stock has rocketed 37.7% over the past year, dwarfing Alphabet's 8.2% gain despite both delivering robust Q4 2025 earnings. Meta's ad revenue soared to $58.14B (+24% YoY) with 3.58B daily users, spotlighting its focused AI strategy and 2026 capex guidance of $115-135B. Alphabet countered with Google Cloud up 48% to $17.66B and $73.27B FY free cash flow, but heavier $175-185B capex and diversification temper enthusiasm. Evolving coverage questions if Meta's margin recovery will sustain upside versus Alphabet's cash resilience ($43.59B FCF for Meta). Traders watch infrastructure ROI for volatility.