Meta 的大规模 AI 投入增强了其竞争优势，互动率上升、用户增长以及广告价格上涨共同支撑看多逻辑。
逐段跳播
我还持有 MetaPlatforms 和 Pinterest 的股票。让我对 Meta 感到乐观的原因之一，是它有能力大规模投资人工智能并将其整合进业务运营，从而增强相对于 Pinterest 这类较小竞争对手的竞争优势。
I also own shares in MetaPlatforms and Pinterest. One of the things that made me optimistic about Meta is its ability to invest in artificial intelligence on a large scale and integrate it into its business operations, enhancing its competitive advantage against smaller rivals like Pinterest.
我在 Meta 的业绩中看到了这一点的证据。互动率在上升，用户增长在加速，平均广告价格也在上涨。我用来判断业务是否出现实质性改善的所有这些类别，都清楚地反映在 Meta 的业绩中。
And I see evidence of that in the works of "Meta". Engagement rates are increasing, user growth is accelerating, and the average advertising price is rising. All these categories that I look for to see substantial improvement in business are clearly reflected in the " meta" results.
Pinterest 与 Meta 之间的差距对 Pinterest 来说正在恶化。简单说，它们没有 Meta 那样的规模去投资人工智能。
The gap between Pinterest and Meta is getting worse for Pinterest. Simply put , they don't have the scale to invest in artificial intelligence the way Meta does.
我曾提到竞争是一个不断上升的风险。这里有一个证据。看看 Meta 在显著加大人工智能投资之后的每名员工收入。看看图中橙色那条 Meta 的曲线斜率。看看每名员工的收入趋势是如何逆转的，不是吗？
它此前明显是向下的。Meta 的每名员工收入曾达到 200 万美元，随后跌破 150 万美元。如今这一趋势已经逆转，并处于超过 260 万美元的创纪录水平。
I have mentioned competition as an increasing risk. Here is one piece of evidence for that . Look at Meta's revenue per employee since it significantly increased its investments in artificial intelligence.
Look at the slope of that curve for "meta" in orange. Look how the revenue trend for each employee has reversed, haven't you ? It was heading downwards , noticeably. Revenue per employee was up to 2 million at Meta, then it dropped below 1.5 million.
This has now been reversed, and it is at record levels exceeding 2.6 million.
至于 Meta，我可以和你分享另外几个指标，比如平均广告价格、用户互动等，在这些指标上我开始看到它们投资人工智能所带来的好处的证据。
Well , as for Meta, I can share with you several other metrics, such as average ad price, user engagement, and others, where I am beginning to see evidence of the benefits of their investments in artificial intelligence.
所以，我们并没有看到这些好处，我也不预期会看到，因为 Pinterest 没有 Meta 所达到的那种规模去投资人工智能。
So, we're not seeing those benefits, and I don't expect to see them because Pinterest doesn't have the scale to invest in AI at the level Meta reached.
因此，我预期这里的差距会扩大。我预期 Meta 与 Pinterest 在竞争优势上的差距会不断扩大。
Therefore, I expect to see a widening of this gap here. I expect to see a growing gap between Meta and Pinterest in terms of competitive advantage.
这个频道对 $META 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 5 条判断，这里只列相邻的几条。