Comment by specialist

Nicely spotted.

I regard Meta and Google as ad agencies.

(I'm not smart enough to break out Amazon's and Apple's ad biz P/E separately.)

My quick spot check says Meta's P/E is more than "legacy" ad agencies and (much) less than Google's.

Just observations. I have no insights.

My opinion, based solely on vibes, is the online ad biz (Meta and Google) is more fraudulent than not. If true, than both are grossly overvalued, in that castles in the sky sort of way.