凭借其引擎和广告数据，Unity很可能成为AI公司的收购目标；同时它通过Unity Vector也具备独立增长潜力。
逐段跳播
现在，Rachel，我要转到第三支箭。至于第三支箭，我要谈的是Unity Software。好，在我解释为什么我认为这家公司可能成为收购目标之前，先快速概述一下。重点将更多放在人工智能的作用上。
但Unity Software是一家软件公司，不是吗？它的市值目前约为200亿美元，而我们是在2026年9月中旬录制这段视频。
And now, Rachel, I'm going to move here to arrow number three. As for the third arrow, I will talk about "Unity Software". Okay, first a quick overview before I explain why I think this company might be a target for acquisition.
The focus will be more on the role of artificial intelligence. But Unity Software is a software company, isn't it? Its market value is currently around $20 billion, and we are recording this video in mid-September 2026.
Unity以其用于实时开发3D游戏的引擎而闻名。所以，如果你在设计一款游戏，他们就有这个庞大的引擎来帮助你设计。它被广泛用于游戏，但也可以用于各种其他领域。
Unity is famous for its engine for developing 3D games in real time. So, if you're designing a game, they have this huge engine that helps you design it. It is widely used in games, but it can also be used in various other fields .
但最重要的故事是，该公司采用了双板块结构。首先是Create Solutions。这些解决方案支持我刚才谈到的引擎工具，帮助开发者构建游戏和互动内容，这在现实世界数字孪生，或者我认为是虚拟孪生世界出现的当下尤为重要，我们看到人们先在网上设计东西，然后再大规模生产。
第二是增长解决方案。这是他们的另一个市场，即广告收入创造和受众开发板块。他们现在专注于一个名为Unity Vector的AI驱动广告平台。
But the most important story is that the company has adopted a two- sector structure. First, there are the Create Solutions. These solutions support the engine tools I just talked about to help developers build games and interactive content, which is especially important now with the emergence of the world of real-life twins, or virtual twins as I think , where we see people designing things online before mass-producing them .
The second thing is growth solutions. This is their other market, which is the advertising revenue generation and audience development sector. They have now focused on an AI-powered advertising platform called " Unity Vector".
好，既然我们了解到它有一个广告板块，以及一个拥有全球使用的强大引擎的构建板块。我目前的想法是，人工智能模型已经变得极其强大，我们看到不同的模型试图在特定任务上出类拔萃。我看到的一件事是Elon Musk谈论Grok，他们希望Grok非常擅长游戏设计。
那么，像Grok这样的公司，或者任何想成为游戏设计或互动解决方案最佳的AI公司，会不会收购这些软件解决方案之一，并将其整合到自己的AI中，从而成为一个创建游戏或任何设计互动游戏的AI模型的巨大平台？这难道不可能吗？
Well , now that we understand that it has an advertising sector and a construction sector with a very powerful engine that is used globally. My current way of thinking is that artificial intelligence models have become extremely powerful, and we see different models trying to excel at specific tasks.
One of the things I saw was Elon Musk talking about "Grok," where they aspire for "Grok" to be very good at game design . Is it impossible to think that a company like " Groc" or any AI company that wants to be the best in game design or interactive solutions, might purchase one of these software solutions and integrate it into its AI to become a huge platform for creating games or any kind of AI model for designing interactive games?
这就是我思考为什么认为它可能成为收购目标的核心逻辑。我可能完全错了，但如果要找一个买入Unity的理由，我认为就是这个——把它当作一项收购标的，而不是作为股票投资。
So, this is the essence of my thinking about why I believe it might be a takeover target. I may be completely wrong, but if there is a reason to buy Unity, I think it would be this.
As an acquisition, not as an investment in stocks.
现在快速看一下财务数据。在他们最近一个财季，也就是8月6日公布的第二季度，营收约为5.5亿美元，同比增长24%。他们的战略业务收入，即除任何遗留业务线之外的全部收入，同比增长了38%。
Now, a quick overview of the financial data. In their most recent financial quarter, the second quarter they announced on August 6, revenues were around $550 million, a 24% year-over-year increase.
Their strategic revenues, which include everything except any legacy business lines, have increased by 38% year-on-year.
这家公司过去几年做的最重要的事情之一，就是剥离了一些不再增长的业务，但它仍然保留着其中一部分。因此，他们实际上希望只专注于那些他们想继续推进的战略收入来源，而仅这一块就实现了38%的同比增长。
One of the most important things this company has done in the past few years is to move away from some activities that were not growing, but it still retains some of those activities.
Therefore, they actually want to focus only on the strategic revenue streams they wish to continue to pursue , and this sector alone has achieved 38% year-on-year growth.
遗憾的是，这家公司仍在承受净亏损。不过，自由现金流达到了2.02亿，同比增长59%，而且公司目前拥有正的净现金头寸。这非常令人振奋。
Unfortunately, this company is still suffering from a net loss. However , free cash flow reached 202 million, an increase of 59% year-on-year, and the company currently enjoys a positive net cash position . This is extremely exciting.
这里面的增长机会在于Unity Vector，一个AI驱动的广告平台。还有一点，对吧？我们希望看到AI公司尝试寻找新的盈利方式。如果他们能以某种方式收购这个广告解决方案，并把它也变成自己平台的一部分，我认为那会极其有用。这就是我在Unity上的选择。
The growth opportunity here lies in Unity Vector, an AI- powered advertising platform . And one more thing, isn't that right? We want to see AI companies trying to find new ways to make a profit.
If they were somehow able to acquire the advertising solution and make it part of their own platform as well, I think it would be extremely useful. So, this is my choice here for Unity.
最大的风险在于，这家公司过去五年经历了许多起起落落、管理层变动，以及许多其他发生在它身上的事情，所以在风险方面有很多可以批评的地方。
The big risk is that this company has gone through many ups and downs, management changes, and many other things that have happened to it over the past five years, so there are many aspects that can be criticized in terms of risk.
无论如何，我认为即使没有收购，机会依然存在。我相信这个AI代理的时代对许多拥有海量数据集的软件公司来说可能非常有利，而Unity无疑属于这一类。
Regardless, I believe the opportunity exists even without an acquisition. I believe this era of AI proxies could be very beneficial for many software companies that have huge datasets, and Unity certainly falls within that category.
是的，而Vector，他们的AI广告引擎，据报道同比增长了约80%，即便公司其他业务当时还在努力克服自身的问题。
Yes, and Vector, their AI advertising engine, reportedly grew by about 80% year-over-year, even as the rest of the company's businesses were trying to overcome their problems.
所以，这是一项我认为许多公司都会想要的资产，不是为了游戏本身，而是为了游戏之下的数据和广告基础设施。一些值得关注的有趣名字。Unity、Ambrella，以及Target或Tarjay，是我们认为可能成为有趣收购目标的三家公司。
So, it's an asset that I think many companies would like, not for the games themselves, but for the data and advertising infrastructure that lies beneath them. Some interesting names to keep an eye on.
So, Unity, Ambrella, and Target or Tarjay are three companies that we believe could be interesting acquisition targets.
这个频道对 $U 的历次判断
The Motley Fool 在这只股票上只有这一条判断。