META 是强劲的长期机会，尽管 1450 亿美元的资本开支拖累近期现金流；市场低估了这笔钱的用法。广告业务有望超越 Google，出租数据中心容量带来高利润率收入，分析师预计明年销售额超过 3000 亿美元，而估值低于行业平均水平。
逐段跳播
这笔交易发生在Meta，也就是那家社交媒体和人工智能巨头，其股票代码是META。根据文件，特朗普仅在这笔交易中就购入了价值最高达2500万美元的股份，想想还真有点讽刺。
This transaction was in Meta, the social media and artificial intelligence giant, whose stock ticker symbol is META, in which, according to documents , Trump acquired shares worth up to $25 million in this deal alone, which is somewhat ironic when you think about it.
但如你所知，你可能还记得，几年前特朗普曾一度被禁止使用Facebook。所以他居然真的买了它，这很有意思。而我个人对Meta的股票印象非常深刻。我最近甚至发布了一些关于它的视频。
如果你想更详细地了解这家公司所做的一切，我建议你去看看。
But as you know, you may recall that Trump was banned from using Facebook at one point, a few years ago. So, it's interesting that he actually buys it. And I personally am very impressed with Meta shares.
I even posted some videos about it recently. If you would like to see more details about everything the company does, I recommend you watch it.
简而言之，我认为这是一个绝佳的投资机会，不仅是在人工智能领域，还在于他们在这个领域的巨大潜力，尤其是他们通过旗下应用拥有超过35亿日活用户的庞大且成熟的用户基础——就规模、覆盖范围和所拥有的机会而言，这个数字是任何其他人工智能公司都难以匹敌的。
In short, I see this as a great investment opportunity , not only in the field of artificial intelligence, but in their enormous potential in this field , especially with their huge and well-established user base that exceeds three and a half billion daily users through their applications , a number that is difficult for any other artificial intelligence company to match, in terms of size, scope and the opportunity available to them.
当然，最近所有头条新闻都聚焦于巨额支出，仅今年预计资本支出就达1450亿美元，这无疑会影响他们当前的现金流。但在我看来，我认为市场完全没有看清Meta是如何投资这些支出的，因为我在其中看到了巨大的潜力。
Now, of course, all the headlines have recently focused on the massive spending, with $145 billion in capital expenditures projected for this year alone, which will undoubtedly impact their cash flows at the moment .
But in my opinion, I think the market is completely oblivious to how Meta invests this spending, as I see enormous potential in it.
首先，他们的核心广告业务仍在蓬勃发展，分析师甚至预测它将史上首次超越Google。这真是令人惊叹。这以前从未发生过。
First, their core advertising business is still booming, with analysts even predicting it will surpass Google for the first time ever . It's truly amazing. This has never happened before.
所有这些在人工智能上的投入，未来将带来更智能、更有效的定向广告。此外，Meta正试图通过新的产品进一步实现业务多元化，比如其名为Muse的新AI智能体，它比ChatGPT更快地达到了500万次下载。
All this spending on artificial intelligence will lead to smarter and more effective targeted advertising in the future. In addition, Meta is trying to diversify its business further with new offerings, such as its new AI agent called Muse, which has achieved 5 million downloads faster than ChatGPT.
就在上周，他们推出了Muse Wonder，这是一个更强大的版本，配有价格更高的订阅套餐，以确保收入的持续流入，让用户可以在没有烦人广告的情况下使用平台，这给了他们显著的竞争优势。
Just last week, they launched Muse Wonder, a more powerful version with higher-priced subscription packages to ensure a continued flow of revenue, allowing them to run the platform without annoying ads, which gives them a significant competitive advantage.
他们还试图对机器人智能体所能做的一切收取高利润的交易费，比如为用户购物和预订服务。而且他们确实可以为此收费。
They also seek to charge highly profitable transaction fees on everything the robo-agent can do, such as making purchases and booking services for the user. And they can indeed charge a fee for that.
第三，提到Meta时很多人不会谈到的一点是，Meta不必独自使用其所有新的AI数据中心；事实上，CEO Mark Zuckerberg最近表示，第三方公司已经在提出租用Meta多余的算力资源，并支付远超其原始成本的可观额外费用。
Third, there is something that many people don't talk about when mentioning Meta, which is that Meta will not have to use all of its new AI data centers alone; In fact, CEO Mark Zuckerberg recently stated that third-party companies are already offering to rent Meta's excess computing resources for a substantial additional fee that exceeds their original cost.
换句话说，是的，Meta的支出极高。但随着时间的推移，我相信Meta的高利润率业务将变得比以往任何时候都更强大，这得益于他们正在创造的从人工智能以及所做的一切中获利的新方式。
In other words, yes, spending in Meta is extremely high. But over time, I believe Meta's high-margin businesses will become stronger than ever , thanks to the new ways they are creating to profit from artificial intelligence and everything they do .
事实上，分析师预计其年度销售额到明年将超过3000亿美元，营业利润将超过1000亿美元。这些数字令人惊叹，与此同时，公司仍在全面实现两位数增长。这些数字确实令人印象深刻，也正因如此，尽管该股表现良好，其未来估值指标仍低于行业平均水平。
In fact, analysts expect its annual sales to exceed $300 billion by next year, with its operating income exceeding $100 billion. These are amazing numbers, and at the same time, the company is still achieving double-digit growth across the board.
These are truly impressive figures, and for this reason, despite the stock's good performance, its future valuation indicators are still below the sector average.
因此，我认为 Meta 在大多数年份都是一个强有力的投资机会，目前我会把它放在我们榜单的高位，排在第二位，直到我们看到其他投资机会。
Therefore, I believe that Meta is a strong investment opportunity in most years, and I will place it high on our list for now, in second place, until we see other investment opportunities.
不过，我觉得有意思的是，我个人持有并强烈看好的只有两只股票，它们占据了我们榜单的首位，那就是 Microsoft 和 Meta，而它们也是目前唯一两只没有出现大幅下跌的股票。
However, I find it interesting that the only two stocks I personally own and strongly prefer, and which occupy the top spot on our list , are Microsoft and Meta , and they are the only two stocks that are not currently experiencing a significant decline.
虽然有人可能会说另外三只股票略便宜一些，至少考虑到它们目前的下跌和通常的交易水平是这样。但在这个特定情况下，我认为整体实力才是这份榜单上最重要的东西。而且，我在 Microsoft 和 Meta 身上显然清楚地看到了这一点。
While some might argue that the other three stocks are slightly cheaper, at least given their current downturns and usual trading levels. But in this particular case, I think overall strength is the most important thing on this list.
And certainly, I see that clearly with Microsoft and Meta.
这个频道对 $META 的历次判断
Ale's World of Stocks 在这只股票上共 2 条判断，这里只列相邻的几条。