Meta的AI智能销售利润率高于计算业务；当前模型（如MetaSpark Max）验证了这一论点，使得该股在约19倍市盈率下被低估。
逐段跳播
现在，第二支箭是Meta。我认为Meta是另一家疯狂的公司。目前，它的股价约为600美元。Meta的市盈率也很疯狂，大约19倍。这只股票以前便宜得多，当它低于500水平时，我们就在这个频道讨论过它。
Now, the second arrow is Meta. I think Meta is another crazy one. Currently, it costs around $600. Meta's price-to-earnings ratio is also insane, around 19. This stock was much cheaper before, and we were talking about it in this channel when it was below the 500 level .
对我来说，评估范围之外的那件事是什么？我认为市场没有考虑到它在销售人工智能方面的潜力。很多人希望马克·扎克伯格销售计算能力，但马克·扎克伯格在最近的财报中表示：“我们相信，销售智能的利润率将远高于直接销售计算能力。”
我们相信，显然，销售计算能力也是一个重要的机会。我想你是在问哪个领域最有可能增长最多，但我非常乐观，我们将在所有这些领域看到显著增长。所以，我真的想更多地关注顶部，不是吗？
For me, what is that one thing that is outside the scope of evaluation? I think the market is not taking into account its potential in selling artificial intelligence. Many people want Mark Zuckerberg to sell computing, but Mark Zuckerberg said in recent earnings: "We believe there will still be much higher profit margins in selling intelligence than in selling computing outright ."
We believe there is a significant opportunity, obviously, to sell computing as well. I think you're asking which area is most likely to grow the most, but I'm very optimistic that we'll see significant growth in all of these areas.
So, I really want to focus more on the top part , don't I?
如果马克愿意，他可以出售计算业务。我认为这类似于SpaceX；他们很可能能够以很高的价格出售它。但他认为销售智能将是一个利润率更高的产品，因为这就是为什么像Anthropic和OpenAI这样的公司取得了巨大成功。
Mark can sell the computing business if he wants to. I see it as similar to SpaceX; they will likely be able to sell it at a great price. But he believes that selling intelligence will be a higher-margin product, because that is why companies like Anthropic and OpenAI are achieving tremendous success.
但为了能够销售智能，你需要有好的模型。不幸的是，这是Meta所缺乏的。直到最近，难道不是这样吗？
But in order to be able to sell intelligence, you need to have great models. Unfortunately, this is something Meta lacked. Until recently, wasn't that so?
有报道称，目前不可用的MetaSpark Max将接近Fable 5.1或Cloud Ops 5的水平。这是一个高水平，而且它正在强势到来。如果你真的在这个市场并拥有这种智能，市场会来找你，你将能够销售AI代币。
你将能够销售人工智能。正如马克提到的，与销售计算能力相比，这是一件非常有利可图的事情，而销售计算能力在当前领域已经是有利可图的。
There are reports that MetaSpark Max, which is currently unavailable, will be at a level close to Fable 5.1 or Cloud Ops 5. This is a high level and it's coming in strong. If you are truly in this market and possess this kind of intelligence, the market will come to you and you will be able to sell AI tokens.
You will be able to sell artificial intelligence. As Mark mentioned, this is a very profitable thing compared to selling computing, which is already profitable in the current field.
至于Meta Platforms，我认为人工智能的故事对他们来说会以非常好的结局收场。显然，我可能是错的，但我的论点，基于当前的研究和这样的标准，告诉我他们正朝着正确的方向前进。
As for Meta Platforms, I think the AI story will end very well for them . Obviously, I may be wrong, but my thesis, based on current research and such criteria, tells me that they are moving in the right direction.
这个频道对 $META 的历次判断
Jose Najarro Stocks 在这只股票上共 5 条判断，这里只列相邻的几条。