# Meta Platforms (META) — Axion Equity Dossier (the neocloud scenario)

**Verdict.** **HOLD / fair value.** P(beat QQQ) = 0.47. The pivot is real but low-trigger: P(a compute business by 2027) = 0.16.

Full published report: https://meta-dossier.us-east-1.gists.org