Meta and Google Top Digital Ad Spending, Evercore Survey Reveals

By EC Assets · Published 2 October 2026

A recent Evercore survey indicates that Meta Platforms and Google are prominent leaders in digital advertising expenditure. The survey highlights the significant roles these two technology giants play in the digital ad market. Evercore's head of internet research, Mark Mahaney, has discussed Meta's valuation. Evercore ISI has reiterated an Outperform rating on Meta Platforms. This rating is based on expectations that AI subscriptions will drive growth for the company. Evercore analysts suggest that Meta could see a substantial surge, potentially exceeding 50%, due to a reported $22 billion AI opportunity. Mark Mahaney, from Evercore ISI, considers Meta one of his preferred stocks within the large-cap internet sector. He has also discussed Meta's Muse AI agent. Mahaney believes Muse AI agent is the best product coming to market for Meta. He added that this AI agent could convert the company's AI spending into actual revenue. Google has been aiming to catch up with other AI developers like OpenAI and Anthropic. The effectiveness of its new flagship AI model in competing at the frontier of artificial intelligence remains a point of discussion. Market observers are also concerned that Toshiba's increased production of an AI storage product might impact pricing power for companies like Western Digital and Seagate. This concern has contributed to stock drops for Western Digital and Seagate. This article is intended for informational purposes only. It does not constitute investment advice.