They Wasted $80 Billion On This

Joseph Carlson After Hours•Mar 23, 2026

Summary

In this video, Joseph evaluates recent major moves by tech and retail giants, focusing heavily on Mark Zuckerberg's leadership at Meta. He critiques the $80 billion spent on the Metaverse as a 'brute force' attempt to create a paradigm shift that lacked organic demand and consumer interest. However, Joseph maintains a positive outlook on the company, comparing Zuckerberg’s willingness to take expensive risks to the strategy of Jeff Bezos at Amazon. He argues that the new focus on AI is a fundamentally better move because it augments existing behaviors rather than trying to force new ones, and it is already yielding measurable results.

Joseph also discusses the competitive landscape of autonomous vehicles and the streaming wars. He analyzes Uber’s partnership with Rivian as a clever aggregation strategy designed to hedge bets across various technology providers. Additionally, he reviews Amazon's latest film success, using it as a case study for how the company uses premium content to drive its Prime subscription ecosystem. Finally, Joseph contrasts Costco’s value-driven leadership with that of traditional fast-food chains, praising the company’s transparent pricing model.

META: Joseph notes that Meta has officially pivoted away from the failed Metaverse project to focus on artificial intelligence. He explains that AI is already providing tangible returns by helping Meta bypass Apple's privacy blocks and improving Instagram Reels' algorithm. He views Zuckerberg as a risk-taker whose move into AI is a 'huge win' that will likely lead to sizable future returns.

AMZN: Joseph describes Amazon as a company he is incredibly bullish on, specifically highlighting the success of their new film, 'Project Hail Mary.' He argues that high-quality cinema serves as a powerful acquisition tool for Amazon Prime memberships, which drives the entire ecosystem. Joseph mentions he continues to add to his large position on dips and believes the stock should be valued around $260 per share today, despite recently trading near $200.

UBER: Joseph discusses Uber's $1.25 billion investment in Rivian for a fleet of robo-taxis, which he sees as a smart move. He supports the CEO's 'aggregation strategy' of forming multiple partnerships with companies like Nvidia and Nissan to hedge their bets in the autonomous driving space. This diversification, according to Joseph, positions Uber to effectively compete with Waymo in the coming years.

COST: Joseph analyzes the Costco CEO's recent media appearance where he committed to maintaining the $1.50 price for the hot dog and soda combo. He contrasts this with other fast-food CEOs, noting that Costco's transparency and value create immense brand loyalty. Joseph suggests that this unwavering commitment to value makes the company's business model nearly impossible for competitors to defeat.

Mentioned Stocks

AMZN

Sentiment: BUYAction: RECOMMENDED

Reasoning: Joseph is extremely bullish on Amazon, stating he has a huge holding and adds on dips. He believes the success of high-budget films like 'Project Hail Mary' strengthens the Prime Video ecosystem and customer retention. He provided a price prediction stating the stock should be valued at $260 per share today.

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