JPMorgan Names Meta, Amazon Top Internet Picks

The bank added Meta to its focus list and cited stronger near-term advertising and cloud momentum at both companies.

Updated on Nov. 9, 2026 in Advertising

Wide view down a long aisle of plain brushed-metal server racks in a clean, cool-toned data center hall beneath overhead cable trays. — Meta and Amazon were named preferred internet stocks by JPMorgan on Monday, with both shares rising more than 5% after the bank cited AI-driven ad gains and cloud growth. AI Illustration. Upload story photo >

JPMorgan named Meta and Amazon its preferred internet stocks, and both shares rose more than 5% on Monday. Meta's fiscal third-quarter advertising revenue rose 26% year over year to $63.1 billion.

Why it matters

The endorsement highlights investor focus on AI-driven ad targeting at Meta and accelerating cloud growth at Amazon. For U.S. investors, it signals where analysts see the strongest near-term earnings momentum among large internet companies.

Meta's advertising revenue rose 26% to $63.1 billion, with North American ad growth accelerating to 33% and ad impressions up 10%. AWS operating income climbed to $17.8 billion from $11.4 billion a year earlier, while Google Cloud revenue rose 103% to $30.7 billion.

The players

JPMorgan

JPMorgan is a major U.S. investment bank whose research division publishes influential equity recommendations followed by institutional and retail investors.

Meta Platforms

Meta Platforms owns Facebook, Instagram and WhatsApp and is one of the largest digital advertising businesses in the world.

Amazon

Amazon is a global e-commerce and cloud computing company whose Amazon Web Services unit is the largest cloud infrastructure provider by revenue.

The details

Analyst Doug Anmuth added Meta to the firm's Analyst Focus List, replacing Alphabet. JPMorgan attributed Meta's gains to AI-driven improvements in ad retrieval, ranking and targeting, and said Meta's Muse AI assistant has drawn 10 million sign-ups in the U.S. and Canada.

Third quarter: Meta and AWS reported results while Google Search growth slowed to 12%.
Monday, November 9, 2026: Meta and Amazon shares jumped more than 5% each.
Fourth quarter: JPMorgan expects Meta's advertising revenue to surpass Google Search revenue.

Market Landscape

Google Search has long been the largest engine of digital advertising revenue, so JPMorgan's projection that Meta's ad business could surpass it signals a potential reordering of the industry's biggest ad sellers. The shift is occurring as Google Search growth slowed to 12% in the third quarter from 19% in the first quarter.

For investors, JPMorgan's endorsement reflects where analysts see near-term earnings momentum, particularly in advertising and cloud services. Consumers may eventually feel the impact through ad pricing and AI assistant features like Meta's Muse, though the company has not detailed pricing changes.

The takeaway

Advertising growth and cloud expansion are increasingly driven by AI tools that improve targeting and search, but monetizing those tools can require heavy spending. Investors weighing these stocks should watch both revenue momentum and rising computing costs.