Jose Najarro Stocks 对 $META 的判断变化
第四只股票将是 Meta Platforms。现在，Meta Platforms 在财报电话会议上并没有给我什么特别的信息，但我相信它能从这次 AI 中获益良多。
Stock number four is going to be Meta Platforms. Now, Meta Platforms is not one that really gave me anything during the earnings call, but I believe can benefit extremely well with this AI
所以，Meta 现在 578。今年迄今该股下跌了 11%。显然，之前有来自所有法律诉讼的恐慌。我们看到情况已经好转，对吧？所以，对于他们来说，烟草时刻的恐惧已经基本消失了。
So, Meta right now 578. Year-to-date the stock is down 11%. Obviously, there was that scaryness from all the legal lawsuits. We seen that it's gotten better, right? So, the the fears of a tobacco moment for them has has kind of gone away.
但是，Meta 仍然有很多担忧，对吧？AI 投资、资本支出。他们是不是投资太多了？为什么他们不卖计算能力？他们不应该抓住机会卖计算能力吗？
Uh but, there's still a lot of fears for Meta, right? The AI investment, the capex. Are they investing too much? Why are they not selling compute? Shouldn't they be taking opportunity in selling compute?
我相信马克·扎克伯格和他对 AI 的愿景，对吧？很多人不相信。没关系，我认为这就是为什么每个人都应该为自己的股票做自己的论点。不要跟随其他人。但是，我相信 Meta 会做得非常好。
And I am a believer of Mark Zuckerberg and the vision he has for AI, right? Many people don't. That's okay and I think that's why everybody should be their own thesis maker for their own stocks. Don't follow anybody else. But, I believe Meta's going to do extremely well.
他们发布的新模型表现非常好。他们拥有大量计算资源，并且有一个核心市场正在产生惊人的投资回报率。从他们最新的财报来看，他们提到“我们正在积极投资，因为潜力巨大。我们知道有很多方式可以在这里创造价值。”这是马克·扎克伯格在最新财报中说的。
They're doing extremely well with the new models that they're releasing. They have a lot of compute, and they have a core market that is producing amazing ROI. Now, from their latest earnings, they mentioned that we are investing aggressively because the potential is huge. And we know that there are many ways to deliver value here. That was Mark Zuckerberg in the latest earnings.
他提到的另一件事是：“随着 AI 在我们产品和业务中的使用持续增加，我们继续积极投资基础设施以满足这一需求。”
The other thing he mentioned is, "As AI usage in our products and business continue to ramp, we continue to invest aggressively in infrastructure to meet that demand."
首席财务官提到，人工智能领域正在建设的内容非常多，他们将在2026年和2027年继续建设。过去他们有过增量产能，这在扩展Reels等体验方面被证明极具价值，我们相信在这个时间段内也是如此。
我们的长期战略旨在通过铺设数据中心和网络基础，为2028年及以后的算力增长提供灵活性，以适应未来的服务器决策。
The CFO mentions that pretty much there's so much under under building in the AI that they're going to continue to build in 2026 and 2027. Uh and they had incremental capacity in the past, and it has proving extremely valuable in scaling experiences like Reels, and we are confident that this will be true in this timeframe as well. Our longer-term strategy aims to give us the flexibility to continue growing compute in 2028 and beyond by laying down data center and network foundations to accommodate future server decisions.
所以，首席财务官基本上是在说我们在建设数据中心。我们并不是每次都立即安装GPU，但我们需要这种灵活性，而不是在外面寻找电力。因为过去，每次我们增加算力，我们都能增强我们的核心产品，对吧？这就是他们所相信的。
So, CFO is pretty much saying we're building data centers. We're not all the time putting in GPUs right away, but we need that flexibility when not out there looking for power. Because in the past, in the past, every time we've added more compute, we were able to add to our core products, right? And that And that's what they believe.
马克·扎克伯格提到：“我也认为，当你有机会在其上构建智能，从而产生一种复合算力价值的倍数时，基本上卖掉所有算力并获取短期利润是愚蠢的。”
Mark Zuckerberg mentions, "I also think it would be foolish to basically just sell all of the compute and take short-term profits when you have the opportunity to build intelligence on top of it, which be kind of multiple that compounds the value of compute on top of that."
很多人希望马克·扎克伯格开始出售算力。我认为市场会完全喜欢这样。我现在相信马克有一个真正的愿景，即出售智能、出售API。如果他们继续发展这个AI故事，他们就能受益并获得更好的回报。
Many people want Mark Zuckerberg to start selling compute. I think the market would completely love it. I right now believe Mark has a real vision of selling intelligence, selling API. And if they continue to evolve that AI story, they can benefit and get better returns.
马克还提到：“按美元计算，我们的广告业务报告的年度收入增长率高于其他任何公司报告的广告业务。这些AI投资正在获得回报。”
Mark also mentioned, "On a dollar basis, our ad businesses reporting faster year-over-year revenue growth than any other company reported ad business. These AI investments are paying off."
所以，Meta Platforms一次又一次地表示，他们可以从AI算力中受益匪浅。市场认为他们在AI上花费过多。我认为这是一个愚蠢的错误，而且我认为许多投资者，我认为理所当然地，认为这是一个糟糕的错误。
So, Meta Platforms has said it time and time again that they can benefit dramatically from AI compute. The market believes they're spending too much in AI. I think that's a silly mistake, and many investors, I think rightfully so, think this is a bad mistake.
但是，对于像我这样看到这个AI生态系统的人来说，我正在使用这些工具。由于AI，我每天能够完成的工作量，我无法想象其他公司获得了多少投资回报。
But, for someone who I see this AI ecosystem, I'm using the tools. And the amount of work I am able to do on a daily basis thanks to AI, I can't imagine how much ROI these other companies are getting.
再说一次，AI投资论点因人而异，但我确实相信这是一个巨大的投资机会，涉及高贝塔和低贝塔股票的混合，我们在这里看到了。
Again, the AI investment thesis is to each their own, but I do believe this is a massive, massive investment opportunity for a mixture of high beta names, low beta names, and we saw here.