Meta's stock has jumped since the launch of its new AI assistant, and the case is that it is still cheap — good news for people already holding it.

• Wall Street has not raised its earnings forecasts for Meta yet, even after the AI product hit number one in the app store with millions of users.
• That missing upgrade is the point: when analysts finally raise their numbers, big funds pile in and the stock runs.
• Growth is pegged at 15% a year, which looks too low given how AI is reshaping advertising.
• JP Morgan's target is $820; a more bullish case puts fair value closer to $1,875, with selling only above $2,000.
• Meta is shipping fast — business calling tools, developer connectors, a Mac app, and agent checkout — though Amazon has blocked its shopping agents.

Outlook: A drop after this week's Meta event would be a buying chance rather than a warning sign, since the money from AI has not shown up in earnings yet.