The Acquirers Podcast 对 $META 的判断变化

2026-09-24看涨

《Rates, Oil & Big Tech: Where the Value Is Hiding Now | Value Options Letter》Bill Ackman

Meta 的商业模式稳健；若预期资本开支能带来良好回报，则在低于历史平均估值时买入是合理的。

我们来谈谈本周最大的新闻，那就是Meta推出了其面向消费者的产品Muse AI。

Let's talk about the biggest news of the week, which is Meta's launch of its consumer-oriented product, Muse AI.

然后是ChatGPT，当然还有Anthropic，它们曾拥有巨大的势头，而且现在依然如此。它们仍然拥有很强的势头。但现在有了Muse这款产品，它目前在大多数层级都是免费的。他们正试图吸引消费者使用它，而Zuckerberg非常擅长这一点。

Then ChatGPT, and of course Anthropic, had tremendous momentum, and they still do . They still have great momentum. But now you have the Muse product, which is currently free for most levels.

They are trying to attract consumers to him, and Zuckerberg is very good at that.

看原视频12:57

2026-09-09

《From Motley Fool Writer to $110M Hedge Fund (Then Back Again)》

Meta的自由现金流因资本支出而消失；大语言模型支出似乎并非生死攸关，因此他们可能比其他人更早削减该支出。

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.

看原视频14:17