Published: November 13, 2025
At a glance
- Price: Meta Platforms (NASDAQ: META) traded around $609.01, down roughly 2.9% as of 12:00 UTC.
- Policy heat: Australia opened consultation on a News Bargaining Incentive that would levy a charge on big platforms that don’t strike paid deals with publishers; modeling in the paper sketches a 2.25% charge paired with a 150% deduction for qualifying spend to push platforms toward private agreements. Consultation closes Dec. 19. [1]
- Global remedies: South Africa’s competition watchdog finalized its media–platform inquiry; Meta and Google agreed to remedies, with Google also committing cash support for local media. [2]
- Spending cycle: Meta’s $1 billion Beaver Dam, Wisconsin AI data center—announced yesterday—remains a key talking point for investors weighing near‑term capex against AI upside. [3]
META share price today
Meta shares softened to $609.01 (about –2.9% intraday), with broader U.S. markets steady to mixed ahead of fresh data after the federal government’s reopening and ongoing rate‑cut handicapping. [4]
Australia reopens the “pay for news” debate—and it could matter for Meta
Australia’s Treasury today released the News Bargaining Incentive consultation, a policy designed to nudge large social and search platforms (those with significant Australian revenue) into commercial deals with news outlets—even if a platform withdraws or downranks news content.
Key design elements under discussion include:
- Charge base: proposed to be total gross Australian group revenue (exclusive of GST).
- Modeled rates: initial modeling ties a 2.25% charge to a 150% deduction for qualifying spend (aiming to encourage deals worth about 1.5% of revenue rather than raise government revenue).
- Timeline: submissions close December 19, 2025; draft legislation to follow. [5]
Why it’s market‑relevant: Meta ended most news payments in several markets to cap costs and operational complexity; Australia’s approach attempts to remove the opt‑out path by making withdrawal financially unattractive, which could reset negotiations and costs in 2026. [6]
South Africa finalizes media–platform remedies; Meta agrees to changes
South Africa’s Media and Digital Platforms Market Inquiry concluded with remedial measures that Meta and Google agreed to implement. Local reporting notes Google will fund R688 million for media support over several years, while Meta also agreed to steps aimed at improving outcomes for South African publishers; full implementation details will follow through the competition authority’s process. [7]
Why it matters: It’s another sign that platform–publisher economics are being recalibrated outside the U.S., adding regulatory complexity and potential incremental costs—factors investors tend to price into large‑cap platform names.
The AI build‑out that investors keep tallying
Beaver Dam, Wisconsin (Data Center #30). Meta confirmed yesterday it is breaking ground on a > $1B, 700,000 sq ft AI‑optimized campus that will:
- Create ~100 permanent roles and 1,000+ peak construction jobs,
- Underwrite nearly $200M in energy‑infrastructure upgrades with utility partners,
- Donate $15M to an energy affordability fund, and
- Use dry‑cooling with a commitment to 100% water restoration and 100% clean energy matching; LEED Gold targeted. The site is slated to come online in 2027. [8]
Bigger picture: Last week Meta framed a multi‑year U.S. investment plan of “at least $600 billion,” underscoring the scale of data‑center and compute spending tied to its AI roadmap—an ambition that excites long‑term bulls and unnerves capex‑averse holders. [9]
What’s moving the stock today
- Policy overhang: The Australian consultation introduces a credible scenario where platforms pay or deal, limiting the effectiveness of simply removing news. That adds a probability‑weighted cost to medium‑term models for global platforms. [10]
- Regulatory drift outside the U.S.: The South African outcome adds another non‑U.S. jurisdiction asking platforms to adjust the revenue split with news publishers, which may not be individually material but contributes to cumulative regulatory headwinds. [11]
- Capex narrative persists: The new Wisconsin build feeds the ongoing debate: front‑loaded AI infrastructure vs. timing of AI monetization (ads automation, creator tools, business messaging, and future AI assistants). Markets keep toggling between enthusiasm and cost concerns. [12]
- Macro tone: U.S. futures and rates expectations were steady to mixed, giving stock‑specific news more room to sway day‑to‑day moves. [13]
Analyst & valuation snapshot (context, not calls)
At today’s price near $609, Meta changes hands around 31.5× trailing EPS, a multiple that has expanded alongside AI expectations but remains sensitive to capex updates and policy risk. (Data as of 12:00 UTC.)
What to watch next
- Australia: Consultation on the News Bargaining Incentive closes Dec. 19; details on final rate, deduction, and scope will determine the true earnings impact for large platforms. [14]
- South Africa: Watch for implementation timetables and whether additional monetary or product‑level commitments are required of platforms beyond Google’s funding pledge. [15]
- AI infrastructure cadence: Any updates on delivery timelines for Beaver Dam and other data‑center projects, and how Meta sequences AI monetization, will remain central to the stock’s multiple. [16]
Sources: market data and regulatory filings cited above. This report is for informational purposes and not investment advice.
References
1. consult.treasury.gov.au, 2. news.bloomberglaw.com, 3. about.fb.com, 4. www.reuters.com, 5. storage.googleapis.com, 6. consult.treasury.gov.au, 7. news.bloomberglaw.com, 8. about.fb.com, 9. www.reuters.com, 10. storage.googleapis.com, 11. news.bloomberglaw.com, 12. about.fb.com, 13. www.reuters.com, 14. consult.treasury.gov.au, 15. news.bloomberglaw.com, 16. about.fb.com
