Meta 对 AI 周期过于乐观，但营收同比增长 26%，超出预期 2%，第四季度营收指引为 730-760 亿美元，全年资本开支下限上调至 1350 亿美元。自由现金流转为负值，下季度预计将有巨额资本开支，而 Muse 是重要的潜在营收驱动力。

and Meta Platforms.

The last stock I would like to take a closer look at is Meta Platforms. I think Meta Platforms was overly optimistic about the entire business cycle and the AI sector as a whole .

First, we saw total revenue growth of 26% year-on-year , which is about 2% higher than market expectations. But what impressed me most was their continued forecast of strong year-on-year growth in the fourth quarter, with revenues ranging between $73 billion and $76 billion.

Most importantly, they raised the minimum of their annual capital expenditures . Previously ranging between $130 billion and $145 billion, it now ranges between $135 billion and $145 billion.

That is, they increased the minimum by about $5 billion. In a live call, which was dedicated to news, Zuckerberg mentioned that more than 10 million people in the United States and Canada had created newsagents in a month and a half, with about 25% of them using these agents daily, which is impressive.

They also stated that the planned business models include corporate business fees , subscriptions to advanced models, and business subscriptions. They stated that users of the Muse shopping app are already purchasing products worth more than $200 .

This does not mean that Muse generates $200 in revenue , but rather that it sells products worth approximately $200, along with advertising and so on. I think charging transaction fees could benefit Muse.

Mark was extremely excited about Muse and believed it would be a huge opportunity, and perhaps one of the most important sources of revenue growth for their suite of applications in the future.

Interestingly, Meta announced Class A shares, which are non- voting shares. Therefore, we will see a 2: 2:1 split by January 19, 2027. For example, if you have 100 shares now, on January 19, 2027 you will own 100 Class A shares and 100 Class C shares.

The value will not change, will it ? You will see the price drop by half. If the price of Meta shares is $100, then the price of Class A shares will be $50, and Class C shares will also be $50 , and so you will get the full value of $100.

I believe the reason behind this is that Meta will be raising substantial sums to fund future capital expenditures. This was the first quarter in which the company recorded negative free cash flow, and I think they would have accepted this situation for several quarters, especially at this level, if they hadn't anticipated significant growth in AI capital expenditures .

But I think they are expecting huge growth in these expenses, and they want to reduce their stakes without compromising Mark's voting rights. Therefore, I am certain that we will see huge capital expenditures in the next quarter, especially after SpaceX's statements this quarter.

Therefore, I am very excited if you are an investor in AI semiconductors. As I mentioned earlier, one of the most important questions posed to Meta during this earnings announcement was the Muse event.

Many people questioned some of the limitations, and Meta explained that the current computing intensity is one of the reasons why Muse is not being released globally. Computing constraints are a major problem, in addition to the cost of computing.

This is one of those things that, if the cost of computing and digital tokens starts to gradually decrease, will not necessarily be a negative indicator. Currently , the cost of computing is preventing the launch of some products.

If these products can operate even with lower computing costs, Meta will be able to serve more users, and thus the demand for digital tokens will continue to rise, and the demand for computing will remain strong.

So, I'm very excited about Muse, and I was impressed by Mark Zuckerberg's comments about it.