Vestact-recommended Meta Platforms reported third-quarter numbers on Wednesday night, showing that it is doubling down on its long-term AI and augmented reality ambitions. CEO Mark Zuckerberg outlined plans for sustained investment in infrastructure and emerging products. The company's pivot into AI has been a driving force behind its 64% stock price increase this year, making it one of the S&P 500's top performers.

Meta creates platforms that are used by advertisers, and revenues rose 19% this year to a record $40.6 billion. AI tools are used to improve user engagement with ads and it seems to be working. Monthly active users on Meta's sites rose by 500 million. Engagement time on Facebook was up 8% and on Instagram up 6%. One million advertisers used AI-generated ads which delivered a 7% uptick in campaign conversions.

Meta's Reality Labs is churning out very promising augmented reality glasses and other devices. That division reported a $4.4 billion quarterly operating loss. Threads, which is Meta's answer to X, remains a notable long-term asset, now reaching 275 million monthly active users.

Looking forward, Meta's ability to turn AI into a foundational revenue driver provides a strong case to hold this share. While high R&D costs persist, the disciplined investment approach is expected to yield substantial gains.

Here's a piece of business advice that I found useful: forget about the competition. Every company operates in an industry where there are other operators, but you should let them worry about themselves.

In other words, focus on your own offering. Make sure that you are delivering maximum value to your customers. Price your service at an appropriate level. Don't try to be the cheapest, you'll just undercut yourself.

Here at Vestact we don't spend a moment worrying about what's going on over at firms like PSG, Easy Equities, Investec, Old Mutual, Sanlam or Coronation. I don't know what their assets under management are, and whether they are doing a good job or not.

We don't care what products other investment advisers are pushing, what their performance has been this year, and what they are charging their customers. We only focus on being the best.

Nvidia currently has a market cap of $3.3 trillion. That is massive. For perspective, the combined market capitalisation of all the companies listed in London is $4.5 trillion. The Canadian stock exchange is worth $3.5 trillion, France is also $3.5 trillion, Germany is $2.5 trillion and Japan is $6.6 trillion.

The size of US tech companies is just incredible. That's why we are not tempted to find other regions to invest in, we already have more than enough choice in the US. Remember too that more than 40% of S&P 500 revenues comes from outside the US.

Size, scale, and geographic diversification are all well covered in a Vestact portfolio of US equities.

Success takes longer than you think. It's a function of 'shots on goal' - Two truths about distinguishing yourself.

We love a good workout. Exercise leads to mental and physical health - Treat your depression with activity.

Asian markets are largely in the red this morning, with the MSCI Asia-Pacific index slipping, led by declines in Japanese tech stocks. In contrast, Hong Kong and mainland Chinese indices gained, thanks to improved October property sales.

In local company news, Oceana anticipates at least a 15% earnings boost compared to last year, driven by strong performance at its US subsidiary, Daybrook, where fish oil sales volumes and dollar prices hit new highs. Meanwhile, Novus has received approval from the Competition Commission to acquire Media24's media logistics and community newspaper assets.

US equity futures are in the green pre-market. The Rand is trading at around R17.60 to the greenback.

It's November, the end of 2024 is in view. Good luck.