Ever since Snap Inc (NYSE:SNAP) went public earlier this year, investors neither dumped shares of Facebook Inc (NASDAQ:FB) nor Twitter Inc (NYSE:TWTR). Nor should they, especially concerning FB stock, which continues to set new highs.

Facebook has shown that it’s willing to copy anything Snap does and slap it onto its primary social platform, or Instagram or Whatsapp. Twitter remains a different creature altogether.

No, FB still looks like the social media stock to own, and nothing — not even Facebook’s own hedging as it starts spending more on growth — looks likely to change that.

Astonishing Growth in the First Quarter

In the first quarter, Facebook reported that it had 1.9 billion monthly active users and nearly 1.3 billion daily active users. The new Stories feature on Instagram now has more than 200 million people using it, and 175 million people use WhatsApp’s Status each day.

As Facebook adds video content to those segments, expect usage to grow. Facebook Live broadcasts grew fourfold in the past year, suggesting that video content encourages user growth.

General product improvements; third-party promotional data plans, such as in India; and internet.org all contributed meaningfully to encouraging users to engage actively on Facebook.

That made itself felt on the top line, which shot up an incredible 49% year-over-year to $8 billion.

Streaming Sports Videos

Just as Twitter once did with NFL games, Facebook is streaming 20 Major League Baseball games on Fridays. As consumers spend more time viewing live content on the phone and computer instead of the television, Facebook should be able capture that migration of users. The goal: Advertisers will shift their budgets from cable television and will spend it instead on Facebook’s site as its live video offerings expand.

Twitter started the trend of hosting sports content, but failed to renew its deal with the NFL, losing out to Amazon.com, Inc. (NASDAQ:AMZN). It also had a smaller user base, however. Facebook has a much higher chance of benefiting from this sports deal — and if it does, expect others to follow.

While Facebook continues to add to its offerings, the company also updated Instagram to compete more effectively against Snapchat. Instagram now has face filters, a “Rewind” feature, a hashtag sticker and an eraser brush. In the first quarter, Feed Rankings and Stories both contributed to the growth in user time spent and in daily active usage.

The hype toward Augmented Reality offerings will only grow louder, too. During its F8 conference, FB showcased a camera it is designing. Facebook developers built the camera on an open app, which will encourage developer adoption. Object recognition and computer vision may allow users to simply capture objects in an image and search to get information on them.

Risks to FB Stock

The big one? Facebook forecast ad revenue growth will decelerate in the second half of the year. That’s not to be taken lightly.

The company is de-emphasizing on ad load driving revenue. Desktop ad revenue will also slow, due to the impact of ad blockers. As games played on personal computers falls, Facebook expects payments from this segment falling in 2017.

Near-term, capital expenditure will rise 50% compared to last year’s level, to between $7 billion to $7.5 billion.

Anyone with a brain will give Facebook the benefit of the doubt here. The company is making the much-needed infrastructure spending that will ensure FB can sustain its user growth going forward.

Bottom Line

FB stock currently trades at about 25 times forward earnings projections — expensive compared to the broader S&P 500, but then, the index isn’t projected to grow its profits by 40% this year and 23% next.

Growth might slow slightly for the rest of 2017 as the company invests in itself, but if Facebook is able to juice user activity, revenue from advertising should help pick up the slack.

The only comparison Facebook really stands to lose against is itself. But compared to the rest of the social media world — and most of the established-tech world — FB stock is in a class all its own.

As of this writing, Chris Lau did not hold a position in any of the aforementioned securities.