Tech valuations were lower across the board in 2012. Meta 15x'd its market cap since then, and Google 10x'd its valuation, despite both companies still holding essentially the same market position today as they did back then. If anything both have a weaker position today than in 2012.
Meta's position is much better, they own Insta and Whatsapp now! Diversification!
Google rise makes less sense but their position as king of search seems even more concrete than ever before (although LLMs might threaten that if they don't stay competitive I guess).
