Wedgewood Touts Meta as Top YTD Performer in Q3 Letter, Backing Big AI Infrastructure Bet

Overview

• In Q3 2025, Wedgewood Composite returned 5.9%, trailing the S&P 500 at 8.1% and the Russell 1000 Growth at 10.5%, while edging the Russell 1000 Value at 5.3%.
• Meta was not a top performer during the quarter but ranked as a top year‑to‑date holding, with over $200 billion in gross PP&E and capitalized leases at 2024 year‑end, up about $135 billion in five years.
• Wedgewood argues Meta’s cloud‑native infrastructure and its role in creating PyTorch show that large, long‑term spending plans are delivering tangible returns rather than speculation.
• Recent markers for Meta include Q2 2025 revenue of $47.5 billion, up 22% year over year, an October 21 close at $733.27 for a $1.801 trillion market cap, a one‑month return of −3.60%, and a 52‑week gain of 30.08%.
• The letter also cites Alphabet as a top quarterly contributor, noting AI‑driven growth in ads and cloud, less‑severe proposed DOJ search remedies, Q2 revenue of $96.4 billion up 14%, and sustained returns from large data‑center investment.