Harvard University Stock Portfolio 2026: Top 10 Picks

8. Meta Platforms (NASDAQ:META)

Harvard’s Stake: $111,310,180

Meta Platforms (NASDAQ:META) is down about 8% so far this year, with CapEx-related fears being the primary drag on the stock despite Mark Zuckerberg’s assurances that these investments will pay off in the future. But investor concerns are not unfounded.

Meta Platforms (NASDAQ:META) carries a 35% CapEx-to-sales ratio, far above peers like Google (26%), Pinterest (0.95%), and Reddit (0.28%), yet lacks a clear path to AI monetization. Unlike Google, Microsoft, or Amazon, Meta Platforms (NASDAQ:META) has no cloud business to sell compute to enterprises — its GPU purchases and data center buildouts are solely for internal use, primarily to optimize its advertising business through better content recommendations. Some analysts believe that a reduction in CapEx spending, combined with a further decline in the stock price that pushes multiples below sector medians, could finally make the valuation attractive enough to turn bullish.

Impax US Sustainable Economy Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its Q1 2026 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) (Communication Services, Interactive Media & Services) is not held in the portfolio due to its unfavorable Corporate Resilience profile, including below-average scores on social risk management and governance. The stock declined materially during the quarter, reflecting broader de-rating of large-cap technology names and concerns around slowing digital advertising growth in a weaker consumer environment. The portfolio’s zero weight, given Meta’s meaningful benchmark position, made this the second-largest positive active contributor.”