Meta 看涨：广告访问量同比增长约61%，而2月约为4%；凭借AI赋能的广告和36亿用户领先同行；广告占营收98%，高盛因支出下调目标价，高预期使业绩超预期难度加大，付费智能代理可能难以持久，但长期动能可期。

Now , the stock is slipping slightly today, but it is gaining increasing confidence on Wall Street as analyst after analyst raises the price target for Meta shares. Yes, Meta has been a company we've been following for a while, as we started to see some positive upward indicators, and the stock hadn't kept up yet, but finally, as I mentioned, it has started to.

I think stocks are up about 36% from their July lows, and only 6% from their highs . Therefore, investor sentiment towards this company has certainly improved overall, and I think much of that is related to the fact that Meta now looks more like Apple at its peak compared to the current Apple, in terms of innovation, the products it offers to consumers, and the way its technologies work.

And I think what's really important is that we hear a lot of talk about Muse and its artificial intelligence, Muse Wonder , and all these developments and new products feed into its main engine, which is advertising, ultimately.

When you look here to see how much attention Meta receives from advertisers, we find that it is ahead of all its peers, and that this growth is accelerating. So, when we look at those visits, you can see Meta ads leading the way with growth of around 61% year-over-year.

This is a very rapid acceleration, which is impressive because Meta is the leader in consumer mind share when compared to all these competitors.

When you think about earlier this year, I think when we looked at this at the beginning of the year, around February, that figure was only up about 4% year-on-year. So, Meta is doing a really good job of leveraging its artificial intelligence to help advertisers develop better campaigns, and it is certainly gaining momentum ; currently at least, this accounts for about 98% of Meta's revenue.

For us, especially as we await the release of earnings in about a week, this is a very positive sign ; Meta is not only introducing innovative products like these, but the way it leverages these developments in its advertising system is truly paying off .

Megan, they have a huge fan base, with 3.6 billion daily active users across their platforms. One of the things they are trying to do is diversify their revenue streams, isn't that right ?

Most of their revenue currently depends on advertising.

They have started charging fees on the Meta Muse platform. It appears to have gained real momentum , based on your data, and as far as we have seen in terms of download numbers and daily active users on those platforms.

Do you see any data that actually indicates that people would pay for these smart agents? Because I don't see that happening, as it would be a race to zero, especially given the strong competition from Anthropic's Cloud, OpenAI, and Tesla's Grok or SpaceX.

I mean, it looks like it's going to be a race towards the lowest price levels. So, you can start charging these agents, but will that last?

I believe that Meta's main competitive advantage, which some other players do not have, is that interconnected base of 3.6 billion daily active users, which it can attract.

Currently, when you consider who is paying for these intelligent agents, you will find that it is the " super users" of artificial intelligence, not the general public; But perhaps if they find a way to make it useful to them on Facebook or Instagram after merging it, things might change .

Perhaps if they bought smart glasses and had the Muse agent integrated into them, it would be such an easy upgrade that they would say, "Okay, I'll pay for you to handle all of this," which might give a glimpse of what artificial intelligence can do for someone who isn't a tech expert, if that makes sense.

This is the aspect we look at in the long term in "Meta" as you mentioned; Currently, advertising accounts for 98% of revenue, but they are expanding into business agents and other areas to attract subscriptions.

Even if they achieve modest success here, when you take into account the huge user base, this is a very broad opportunity.

Good. So, when you talk about how huge the portion of revenue coming from advertising is, it is clearly a strength and also a potential weakness and a source of danger, I must say.

One thing is that UBS and Goldman Sachs have different views. Both are optimistic about "Meta", but there is some caution in the view of " Goldman". Now, UBS sees a potential new revenue stream from artificial intelligence.

Their advertising channels are examined, as they use their terminology. Yes, it shows that AI automation helps drive more advertising spending. They raised their price target for MetaTrader to 884.

As for Goldman Sachs, they actually lowered their price target. They remain optimistic. They have a "buy" rating. Yes, they say that the strength of advertising supports the growth story, but spending is a concern, and higher spending may cap some of that growth and how it translates into net profits.

What do you see when you look at your advertising sentiment data in comparison specifically with Goldman's conclusion? Yes, I think spending definitely had a negative impact on the stock in the last quarter following the company's announcement, but for us, when we look at the momentum of the announcements, we don't see any sign of a slowdown.

So, we agree more with, or rather, with the first opinion you mentioned. We are indeed seeing an acceleration in interest in advertising, and when we look at general sentiment, or rather , in terms of people who actually use the product, we see a rise in sentiment.

Often, when we see an increase in demand, we start to see a slight decline in sentiment due to, um, increased overall usage and more volume coming in, which might tend to stabilize and decrease, and we do not see that.

Therefore, we believe that Meta has created a very powerful, customized advertising product that also appears to be very easy to use and highly customizable in terms of reaching your target audience.

So, as I mentioned, that number that appears on the screen, um, I think it's up 61% year-over-year, which is a remarkable acceleration even compared to the last quarter.

I think revenue for the last quarter, um, grew by about 27% year-over-year, and while we're certainly not trying to do a one-to-one ratio, um, you know, we don't expect advertising revenue to grow at the same rate at which we're tracking growth, but we are seeing an acceleration.

This is our general view of things. I believe, with the caveat here, that the ceiling of expectations has certainly risen. When we look at investor sentiment, we find that it has jumped by about 20 points on our side.

So, this will make it difficult to exceed expectations when Meta announces its results, but we believe that the fact that its main source of income, advertising, is accelerating is very promising, and it appears to be on the right track with consumers in the long term when looking at the products it is putting out.

The demand for Ray-Ban sunglasses from Meta, compared to the range of home appliances Apple launched yesterday, seems like night and day, at least according to our data.

So, it's certainly interesting to follow this, especially as we enter the holiday shopping season , to see what will become a gift and what will form an entry point into her ecosystem .

We see more people, if possible, entering the Meta ecosystem in different ways.