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Mark Shmulick

Managing Director and Senior Analyst specializing in US Internet equity research at Bernstein

Mark Shmulick is a Managing Director and Senior Analyst specializing in US Internet equity research at Bernstein, where he covers major technology companies including Alphabet (Google), Amazon, and Meta Platforms. Known for high-conviction investment calls, Shmulick has been featured in leading financial media and is recognized for his thoughtful analysis and timely sector recommendations. He joined Bernstein following roles at Altman Vilandrie & Co and TELUS, and holds an MBA from London Business School as well as from UCLA Anderson School of Management. Shmulick is professionally credentialed with a deep background in both strategic consulting and equity research.

Mark Shmulick's questions to Meta Platforms (META) leadership

Question · Q3 2025

Mark Shmulick (Bernstein) asked CFO Susan Li about the anticipated scale of ad performance and engagement improvements in 2026 compared to the past two years. He also asked CEO Mark Zuckerberg whether an updated frontier model launch next year or progress from new products like Vibes should be the primary focus for tracking Meta Superintelligence Labs' efforts.

Answer

CFO Susan Li explained that ad performance improvements come from transferring knowledge from large-scale models (like GEM) to smaller runtime models and advancing inference models to scale compute efficiently. She noted that even small, basis-point improvements on Meta's large advertiser base translate into meaningful absolute revenue growth. CEO Mark Zuckerberg stated that there is no specific timing to announce for new models or products from Meta Superintelligence Labs but expects both novel models and products to emerge, with more details to be shared when available.

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