$META · The Acquirers Podcast · 2026-10-29
Meta 因 Muse 的成功及其对较年长的 Facebook/Instagram 用户的覆盖而具有吸引力，并作为成熟玩家受到青睐；但其股票正被抛售，因为公司通过股票和债务而非仅靠经营现金流来为资本开支融资，它承受不起 9% 的债务，而 Anthropic/OpenAI 目前占据优势。
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长期“Meta”债券或“Oracle”债券的利率可能高达7%，而Oracle的甚至可能高达9%。
long-term "Meta" bonds or " Oracle" bonds may have interest rates as high as 7% or 9% for Oracle.
而现在Meta正在筹集大量资金。我认为到今年和明年之间结束时，通过股票筹集的资金规模将达到近一千亿美元，甚至更多。所以，我认为股票正在被抛售，是因为他们知道为了给这些资本支出融资，现在正求助于发行股票。
这将不再仅仅依赖经营现金流，也不再仅仅依赖债务。
And now Meta is raising a lot of money. I think it will reach nearly one hundred billion dollars, if not more, when it ends between this year and next year through stocks. So, I think the stocks are being sold off because they know that to finance these capital expenditures, they are now resorting to issuing shares.
It will not depend solely on operating cash flow. And it will not rely solely on debt.
Meta也非常有吸引力。我认为他们的“Muse”取得了巨大成功。我把它用于个人事务，觉得它非常有用。我完全能预见它会被年长的Facebook和Instagram用户采用，这些人可能对某些其他AI平台不太适应或不熟悉。
我只是认为，凭借他们的分发网络，他们能把它带给很多人。所以，我非常喜欢“Meta”模式，
Meta is also very attractive. I think they have had great success with "Muse". I use it for personal matters and I find it very useful. I can absolutely see it being adopted by older Facebook and Instagram users , who may not be comfortable with or familiar with some of the other AI platforms.
I just think that thanks to their distribution network, they can get it to a lot of people. So, I really like the " Meta" mode,
Facebook和Google会走得更近，我认为它们会更直接地与OpenAI和Anthropic竞争。
Facebook and Google will become more closely aligned, and I think they will compete more directly with OpenAI and Anthropic.
例如，Meta肯定承担不起以9%的利率偿还债务，还要继续支撑新闻业务。我的意思是，他们正在亏很多钱，就像Anthropic在Claude上所做的那样。他们在这个领域正在亏很多钱。
For example, Meta cannot afford to pay debts at 9%, that's for sure, to do so and continue to support the news. I mean, they're losing a lot of money, just like Anthropic is doing with Claude . They are losing a lot of money in this field.
在那场竞争中，你必须更看好Meta和Google这样更成熟的公司，但目前Anthropic和OpenAI似乎占据优势。
In that competition, you have to favor the more established players like Meta and Google, but Anthropic and OpenAI seem to have the advantage at the moment.
如果你在两年前说，你无疑会说，Google、Amazon和Meta。我的意思是，这些是世界上最好的公司之一，能够以二十多倍或二十倍出头的市盈率买入它们，确实非常有吸引力。
if you had spoken two years ago, you would have undoubtedly said, you know, Google, Amazon, and Meta. I mean, these are some of the best companies in the world, and being able to buy them at a P/ E ratio in the late twenties or early twenties is really attractive.
这个频道对 $META 的历次判断
The Acquirers Podcast 在这只股票上共 5 条判断，这里只列相邻的几条。