Meta (NASDAQ:META) is going big on AI without going through the front door of regulatory review. The tech giant just dropped $14.8 billion for a 49% nonvoting stake in Scale AI, a startup that helps label data for some of the biggest names in artificial intelligence. The twist? Meta's stake doesn't give it control, meaning it doesn't automatically trigger antitrust scrutiny. But the deal still sends ripples: Google (NASDAQ:GOOG), one of Scale's high-profile customers, has reportedly walked away, and others could be rethinking their ties. Meta gains the talent, including 28-year-old CEO Alexandr Wang (who now joins Meta but stays on Scale's board), while insulating itself from direct regulatory heat at least on paper.

This comes at a time when the U.S. government's posture on AI deals is in flux. Under President Trump, the signal from antitrust enforcers has been mixed skepticism of Big Tech, yes, but also a desire not to clamp down too hard on the pace of AI development. That gray area might be why deals like this are structured so carefully. Experts say Meta's minority, nonvoting stake was likely designed to stay under the radar and it might work. Smart move, said Boston College antitrust professor David Olson. They've given themselves some cover. Still, Senator Elizabeth Warren has already called for an investigation, warning the deal could give Meta an unfair advantage if it leads to dominance in the AI arms race.

Meanwhile, history shows a pattern. Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) have each pulled off similar talent-and-tech grabs from AI startups with little resistance so far. The FTC opened inquiries but hasn't followed up with action, and some say the cases are now gathering dust. Whether Meta's Scale AI play gets the same pass remains to be seen. If this becomes the new blueprint for AI dealmaking, we might be entering an era of high-stakes, low-visibility acquisitions where the biggest moves don't look like takeovers, but work like them anyway. Investors are watching closely.

This article first appeared on GuruFocus.