当你审视 Meta、英伟达、谷歌或 Alphabet（无论你使用哪个名称）时，它们从业务和核心业务中产生了巨额的现金流。
yes um you know when you look at Meta, when you look at uh Nvidia, when you look at um Google or Alphabet, whatever you want to use for it, they generate an amazing amount of cash flow from their business, their core businesses.
但有趣的是，这些业务不再是资本密集型业务。就它们目前的支出而言，Meta 已经没有自由现金流了。
But what's interesting is that those businesses are no longer capital-like businesses. um to the extent that they're now spending there's no free cash flow at Meta anymore.
而在我看来，Meta 我不确定他们为什么需要投资于领先的大语言模型。我认为，如果这有助于提高他们的广告业务效率，那很好，但我觉得这对他们来说未必是生死攸关的，因此他们可能比其他一些公司更早削减开支。
Whereas Meta in my mind, I'm not sure why they need to to invest in a leading edge LLM. Um, I I think that if it helps, you know, make their advertising business more efficient, that's great, but it feels to me like it's not necessarily existential for them and that therefore they could cut back um earlier than some of the other ones.