$META · Jose Najarro Stocks · 2026-10-28
在 620 美元，Meta 非常有吸引力，按市盈率看比 285 美元的 Google 更被低估，即使到 700 美元这一判断依然成立；说话者今天仍更看好 Meta 而非 Google，同时指出 Meta 公布 4000 万股计划后存在稀释担忧。
逐段跳播
现在我认为，支出数字不会吓到人们，部分原因是，我们发现资金是有的，比如 Meta 就成功筹集到了他们目标金额的资金，所以我认为，从利润率角度看，不管他们说什么，这只股票都会正面反应。
now and I think spending numbers aren't going to scare people part of it is that we're finding there's money available like Meta was able to raise the money that they've targeted so I I think on margin I think the stocks going to react positively no matter what they say
你觉得 Google 或 Microsoft 今天会像 Meta 那样宣布增发稀释吗？
do you think Google or Microsoft will announce dilution like Meta today?
就是，你觉得 Google 和 Microsoft 能……我想更宽泛的问题是，他们得说些什么才能避免像 Meta 那样下跌？显然，不稀释是好事，但在云或搜索方面，Microsoft Copilot 或 Azure 有没有什么是华尔街没预料到的、能真正改变局面并超出预期的？
It's just do you think Google and Microsoft can I guess the broader question is what do they have to say to avoid a meta drop? Obviously, not diluting would be nice, but is there something that the street's not expecting in terms of cloud or search, Microsoft Copilot or Azure that can actually change and beat expectations?
我是说，在出现坏消息之前，Meta 涨了 7%。
I mean, meta was up 7% before we got a bad headline.
同意。但 Meta 在他们的 8K 文件里说需要几千亿。所以，我不知道，在这一点上我们需要明确到底需要多少。
Agreed. But Meta in their 8K said we need several hundred billion. So like I don't know like at this we need some clarity on how much is needed.
就像 Meta 一样，问题出在稀释上。财报本身没有任何问题。
Just like Meta, it was the dilution. It wasn't anything wrong with the earnings.
Facebook 最终遭到抛售
Facebook ended up selling off
不，但他们确实有股息，我到现在还是不明白 Meta 和 Google 目前为什么要派息。
No, but they do have a dividend, which I still don't get why Meta and Google are paying a dividend for now.
为了让开发者更容易将工作负载迁移到 TPU，我们最近与 Meta 紧密合作，推出了 torch TPU，让用户能够使用他们已经熟悉并依赖的工具，在 TPU 上训练、服务和部署 PyTorch 模型。
To make it easy for developers to port workloads to TPUs, we recently worked closely with Meta to deliver torch TPU, which allows users to train, serve, and deploy PyTorch models on TPUs using the tools they're already familiar with and rely on.
还是说它会像 Meta 那样独立下跌？Meta 你知道，全年一直挨打，而市场根本不在乎。Google 也会这样吗？还是说 Google 更像是一个信号，表明如果一家公司……我们没人觉得 Google 在 320 时被高估了，那整个市场就需要重置？
Or is it is it going to independently fall of like Meta? Meta has you know taken a beating all year and the market didn't care. Is that's what's gonna happen to Google or is Google more of a stock that's a signal that this entire market needs a reset if a company it's not like any of us thought Google was overvalued at 320.
但举个例子，假设 Google 在 2027 年下跌 20%。像 Meta 那样，或者 15%，随便吧，那基本上就是年初至今下跌 5%。这是因为资本开支，对吧？自由现金流为负，资本开支增加。
But for example, let's say Google goes down 20% in 2027. Like meta or 15% whatever it's basically now down 5% year to date. It's because of capex, right? Negative free cash flow, increase capex.
Meta，好吧，Meta。是的，因为他们刚这么做了。
Meta Okay, Meta. Yes, because they just did it.
你会想象，他们每周都要在第三季度发行整整 120 亿。他们将不得不发行 XYZ 数量的股票。所以现在对 Meta 的担忧就是他们会这么做。他们今天已经公布了一项 4000 万股的计划。
you would imagine every week to issue a full 12 billion in Q3. They're going to have to issue XYZ number of shares. And so that's now the concern with Meta that they're going to be doing that.
They already unveiled a plan for 40 million shares today.
我认为 Meta 目前的价格非常有意思。所以，如果不是 Google，我有很多领域可以入场。并不是说 Google 是唯一值得买入的股票。
I think Meta's price here is super interesting. So, there's lots of areas for me to enter into if it's not Google. It's not like uh Google's the only name worth buying.
Meta 620 还是 Google 285，如果必须选一个的话。我一直都是这么说的。所以，继续。即使今天，仍然是 Meta。
Meta at 620 or Google at 285 if you had to pick one. It's it's I've always said the same. So, continue. Even today, it's still Meta.
如果 Meta 是……如果 Meta 是 700 呢，那就会选 Google 吗？我认为从技术面看，Meta 在 620 的市盈率上比 Google 在 2……更被低估。我是说，即使在 700，你也可以论证它更……
What if meta was like what if meta was like 700 then it would be Google? I think meta technically is more undervalued than Google at two at 620 on a P. I mean, even at 700, you can make the case that it's that it's more,
这个频道对 $META 的历次判断
Jose Najarro Stocks 在这只股票上共 18 条判断，这里只列相邻的几条。