Meta and Google Benefit as Chinese Companies Pour Billions into Online Ads
- Meta Platforms (META) stock hit a record high driven by strong advertising revenue
- Chinese e-commerce company PDD spent $2 billion on Meta ads last year, making it a top advertiser
- Temu parent PDD also became one of Google's top 5 advertisers in 2022
- There are questions around the sustainability of China-based advertiser spending on Meta and Google long-term
- Meta stock is up 45% year-to-date, while Alphabet has underperformed but could also benefit from robust ad sales