<p>在 2022 年初，<strong>苹果</strong>（NASDAQ: AAPL）成为首家市值达到 3 万亿美元的公司。</p>
<p>这一估值在十年前是不可想象的，当时全球最大的公司（也是苹果）市值为 6000 亿美元。那时人们还说它被高估了。然而，今天有三家公司市值超过 3 万亿美元——苹果、<strong>英伟达</strong>（NASDAQ: NVDA）和 <strong>微软</strong>（NASDAQ: MSFT）——未来几年我们应该会看到更多公司加入这个行列。</p>
<p>这三家 3 万亿美元俱乐部成员的共同点是，它们都以某种方式与人工智能的增长相关。下一批成员可能会受益于企业和日常生活中对人工智能的支出和依赖的增长。然而，特别有一家公司将因其在人工智能方面的巨大投资而受益，这可能导致其股票在未来几年内翻倍，从而使其市值达到 3 万亿美元。</p>
<p>我预计 <strong>Meta Platforms</strong>（META -0.79%）将在 2028 年前加入 3 万亿美元俱乐部。以下是人工智能将如何帮助它实现这一目标。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk1NzAvZ2V0dHlpbWFnZXMtYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1zZW1pY29uZHVjdG9yLWNpcmN1aXQuanBlZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk1NzAvZ2V0dHlpbWFnZXMtYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1zZW1pY29uZHVjdG9yLWNpcmN1aXQuanBlZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>人工智能如何真正推动 Meta 的业务</h2>
<p>Meta 的业务长期以来依赖于人工智能，也就是 “算法”。算法负责决定在何时向用户展示什么内容，无论是朋友的照片、专业内容创作者的视频，还是小企业的广告。事实上，Meta 使用多个机器学习系统来确定其各个应用和平台上每种内容的最佳推荐。</p>
<p>然而，大型语言模型的成功使其改变了方向。它现在正在开发一个跨所有平台的通用内容推荐系统，灵感来自于大规模大型语言模型的强大能力。它的效果优于旧算法。这一发展的另一个好处是更高效的软件工程团队，可以在一个统一的模型上工作，而不是一堆独立的推荐引擎。</p>
<p>通过生成式人工智能，Meta 能够帮助营销人员制作数百种不同版本的广告。它有能力在其平台上测试每个广告，并优化目标和创意，以提供最佳结果。首席执行官马克·扎克伯格（Mark Zuckerberg）设想有一天，广告商只需告诉 Meta 其商业目标和预算，Meta 就会处理剩下的事情。这将推动显著的销售增长，因为这将为更多拥有较小创意团队的营销人员在 Facebook 和 Instagram 上进行更多广告打开大门。</p>
<p>Meta 还在去年推出了企业在 WhatsApp 和 Messenger 中创建自己的 AI 聊天代理的功能。这为其消息应用程序提供了最终实现货币化的机会，使企业能够以规模化的方式与潜在客户互动。</p>
<p>最后，生成式人工智能有潜力导致更多用户生成内容。事实上，Meta 在其应用程序中推出了一个新功能，名为 Meta AI，这是其内置的 AI 聊天机器人，允许用户将 AI 生成的图像分享至他们的动态或故事，或将其作为 Facebook 头像。它并没有掩饰这些是 AI 生成的，反而鼓励看到这些图像的用户根据他们喜欢的图像制作自己的图像。</p>
<p>投资者可以清晰地看到，人工智能如何提高 Meta 应用程序的参与度，改善其货币化，最终导致工程师的效率提高。所有这些都将带来切实的财务成果，如更高的收入和改善的利润率。这比许多乘着人工智能浪潮的大公司所能说的要多得多。</p>
<h2>通往 3 万亿美元的道路</h2>
<p>截至目前，Meta 的市值刚刚低于 1.5 万亿美元。要在 2028 年前达到 3 万亿美元，股票必须产生约 20% 的年复合回报。这对于科技股来说似乎是可以实现的，尤其是如果人工智能帮助推动更快的盈利增长。</p>
<p>分析师目前预计明年的收入将增长 15%。如果 Meta 能够在接下来的三年中继续以这个速度增长收入，它将走上通往 3 万亿美元估值的强劲道路。</p>
<p>在短期内，Meta 在支持其人工智能开发方面的巨额资本支出将对其运营利润率产生压力，因为越来越多的支出将在未来以折旧费用的形式体现。然而，随着 Meta 的持续增长，这种支出的影响将逐渐消散。更重要的是，由于折旧是一项非现金费用，这意味着自由现金流将保持强劲，给管理层提供回购股票的机会。最终，这将导致每股收益的强劲增长，并证明高收益倍数是合理的。</p>
<p>Meta 的股票目前交易于分析师 2025 年收益预估的 22.5 倍。相比之下，苹果、微软和英伟达的交易倍数分别为 31.6、32.5 和 32.6 倍。如果 Meta 的收益倍数稍微扩大到中 20 倍，因为它显示出强劲的财务业绩并继续回购股票，它应该能够产生足够强劲的回报，将其推过 3 万亿美元的门槛。</p>
<p>当然，没有办法确定 Meta 是否能够达到这一里程碑。然而，基于我们今天所知道的一切，该公司因其在人工智能方面的进展而有望增长，市场也在为其股票提供了一个很好的价格。</p>

META

<p>Meta Platforms（META）预计将在 2028 年前加入万亿美元市值俱乐部，这得益于其在人工智能（AI）方面的重大投资。该公司正在提升其内容推荐系统，并使企业能够在 WhatsApp 和 Messenger 上创建 AI 聊天代理，这可能会提升用户参与度和盈利能力。分析师预计，Meta 将实现约 20% 的年复合增长率，达到 1 万亿美元的市值，尽管初期资本支出对运营利润率产生影响，但仍将得到 AI 驱动的收入增长的支持</p>

<p>At the start of 2022, <strong>Apple</strong>(NASDAQ: AAPL) became the first company to reach a $3 trillion market cap.</p>
<div class="lb-trans"><p>在 2022 年初，<strong>苹果</strong>（NASDAQ: AAPL）成为首家市值达到 3 万亿美元的公司。</p>
</div><p>It was a valuation that was unfathomable just a decade ago when the largest company in the world (also Apple) was worth $600 billion. And people were saying it was overvalued then. Today, however, three companies boast valuations of more than $3 trillion -- Apple, <strong>Nvidia</strong>(NASDAQ: NVDA), and <strong>Microsoft</strong>(NASDAQ: MSFT) -- and we should see several more join the fray over the next few years.</p>
<div class="lb-trans"><p>这一估值在十年前是不可想象的，当时全球最大的公司（也是苹果）市值为 6000 亿美元。那时人们还说它被高估了。然而，今天有三家公司市值超过 3 万亿美元——苹果、<strong>英伟达</strong>（NASDAQ: NVDA）和 <strong>微软</strong>（NASDAQ: MSFT）——未来几年我们应该会看到更多公司加入这个行列。</p>
</div><p>One factor uniting the three members of the $3 trillion club is they're all tied in one way or another to the growth in artificial intelligence. The next members of the group will likely benefit from growing spending and reliance on AI in business and everyday life. However, one company, in particular, stands to benefit greatly from its massive investments in AI, and that could lead its stock to double in value over the next few years, leading it to a $3 trillion market cap.</p>
<div class="lb-trans"><p>这三家 3 万亿美元俱乐部成员的共同点是，它们都以某种方式与人工智能的增长相关。下一批成员可能会受益于企业和日常生活中对人工智能的支出和依赖的增长。然而，特别有一家公司将因其在人工智能方面的巨大投资而受益，这可能导致其股票在未来几年内翻倍，从而使其市值达到 3 万亿美元。</p>
</div><p>I see <strong>Meta Platforms</strong>(META -0.79%) joining the $3 trillion club by 2028. Here's how AI will help it get there.</p>
<div class="lb-trans"><p>我预计 <strong>Meta Platforms</strong>（META -0.79%）将在 2028 年前加入 3 万亿美元俱乐部。以下是人工智能将如何帮助它实现这一目标。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk1NzAvZ2V0dHlpbWFnZXMtYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1zZW1pY29uZHVjdG9yLWNpcmN1aXQuanBlZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799570%2Fgettyimages-ai-artificial-intelligence-chip-semiconductor-circuit.jpeg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>How AI can truly supercharge Meta's business</h2>
<div class="lb-trans"><h2>人工智能如何真正推动 Meta 的业务</h2>
</div><p>Meta's business has long relied on artificial intelligence, aka &#34;the algorithm.&#34; The algorithm is responsible for determining what content to put in front of a user and when to do it, whether that's a photo from a friend, a video from a professional content producer, or an ad from a small business. In fact, Meta used multiple machine learning systems to determine the best content recommendations for each type of content across its various apps and surfaces.</p>
<div class="lb-trans"><p>Meta 的业务长期以来依赖于人工智能，也就是 “算法”。算法负责决定在何时向用户展示什么内容，无论是朋友的照片、专业内容创作者的视频，还是小企业的广告。事实上，Meta 使用多个机器学习系统来确定其各个应用和平台上每种内容的最佳推荐。</p>
</div><p>However, the success of large language models led it to change course. It's now developing a generalized content recommendation system across all surfaces inspired by the power of large-scale large language models. And it works better than its old algorithms. Another upside of this development is a more efficient software engineering team, which can work on a unified model instead of a bunch of individual recommendation engines.</p>
<div class="lb-trans"><p>然而，大型语言模型的成功使其改变了方向。它现在正在开发一个跨所有平台的通用内容推荐系统，灵感来自于大规模大型语言模型的强大能力。它的效果优于旧算法。这一发展的另一个好处是更高效的软件工程团队，可以在一个统一的模型上工作，而不是一堆独立的推荐引擎。</p>
</div><p>With generative AI, Meta brings to the table the ability to help marketers craft hundreds of different iterations of their ads. It has the scale to test each of those ads across its platform and optimize the targeting and creative to deliver the best possible results. CEO Mark Zuckerberg sees a day when an advertiser will be able to simply tell Meta its business objective and budget, and it'll take care of the rest. That would drive significant sales growth as it would open the doors for more marketers with smaller creative teams to advertise more on Facebook and Instagram.</p>
<div class="lb-trans"><p>通过生成式人工智能，Meta 能够帮助营销人员制作数百种不同版本的广告。它有能力在其平台上测试每个广告，并优化目标和创意，以提供最佳结果。首席执行官马克·扎克伯格（Mark Zuckerberg）设想有一天，广告商只需告诉 Meta 其商业目标和预算，Meta 就会处理剩下的事情。这将推动显著的销售增长，因为这将为更多拥有较小创意团队的营销人员在 Facebook 和 Instagram 上进行更多广告打开大门。</p>
</div><p>Meta also introduced the ability for businesses to create their own AI chat agents in WhatsApp and Messenger last year. These represent an opportunity to finally monetize its messaging apps by giving businesses a way to interact with potential customers at scale.</p>
<div class="lb-trans"><p>Meta 还在去年推出了企业在 WhatsApp 和 Messenger 中创建自己的 AI 聊天代理的功能。这为其消息应用程序提供了最终实现货币化的机会，使企业能够以规模化的方式与潜在客户互动。</p>
</div><p>Finally, generative AI has the potential to lead to more user-generated content. In fact, Meta introduced a new feature in Meta AI, its AI chatbot built into its apps, which lets users take AI-generated images and share them to their feed or stories, or post them as their Facebook profile picture. It's not hiding the fact that these are AI-generated, either, encouraging users who see the images to make their own images based on the ones they like.</p>
<div class="lb-trans"><p>最后，生成式人工智能有潜力导致更多用户生成内容。事实上，Meta 在其应用程序中推出了一个新功能，名为 Meta AI，这是其内置的 AI 聊天机器人，允许用户将 AI 生成的图像分享至他们的动态或故事，或将其作为 Facebook 头像。它并没有掩饰这些是 AI 生成的，反而鼓励看到这些图像的用户根据他们喜欢的图像制作自己的图像。</p>
</div><p>Investors can draw a clear picture of how artificial intelligence can increase engagement across Meta's apps, improve its monetization, and ultimately lead to more efficient engineers. All of that leads to tangible financial outcomes like greater revenue and improved profit margins. That's a lot more than many big companies riding the AI wave can say.</p>
<div class="lb-trans"><p>投资者可以清晰地看到，人工智能如何提高 Meta 应用程序的参与度，改善其货币化，最终导致工程师的效率提高。所有这些都将带来切实的财务成果，如更高的收入和改善的利润率。这比许多乘着人工智能浪潮的大公司所能说的要多得多。</p>
</div><h2>The path to $3 trillion</h2>
<div class="lb-trans"><h2>通往 3 万亿美元的道路</h2>
</div><p>Meta has a market cap of just under $1.5 trillion as of this writing. To reach $3 trillion by 2028, the stock will have to produce compound annual returns of about 20%. That seems within reach for the tech stock, especially if AI helps fuel faster earnings growth.</p>
<div class="lb-trans"><p>截至目前，Meta 的市值刚刚低于 1.5 万亿美元。要在 2028 年前达到 3 万亿美元，股票必须产生约 20% 的年复合回报。这对于科技股来说似乎是可以实现的，尤其是如果人工智能帮助推动更快的盈利增长。</p>
</div><p>Analysts are currently modeling a 15% increase in revenue next year. If Meta can continue to grow revenue at that pace for the following three years, it'll be on a strong path toward a $3 trillion valuation.</p>
<div class="lb-trans"><p>分析师目前预计明年的收入将增长 15%。如果 Meta 能够在接下来的三年中继续以这个速度增长收入，它将走上通往 3 万亿美元估值的强劲道路。</p>
</div><p>In the near term, Meta's massive capital expenditures to support its AI development will weigh on its operating margin as more and more of its spending today shows up as depreciation expenses down the line. Over time, however, the impact of that spending will dissipate as Meta continues to grow. What's more, since depreciation is a non-cash expense, it means free cash flow will remain strong, giving management the opportunity to buy back shares. Ultimately, that should lead to strong earnings-per-share growth and justify a high earnings multiple.</p>
<div class="lb-trans"><p>在短期内，Meta 在支持其人工智能开发方面的巨额资本支出将对其运营利润率产生压力，因为越来越多的支出将在未来以折旧费用的形式体现。然而，随着 Meta 的持续增长，这种支出的影响将逐渐消散。更重要的是，由于折旧是一项非现金费用，这意味着自由现金流将保持强劲，给管理层提供回购股票的机会。最终，这将导致每股收益的强劲增长，并证明高收益倍数是合理的。</p>
</div><p>Meta shares currently trade for just 22.5 times analysts' 2025 earnings estimate. By comparison, Apple, Microsoft, and Nvidia trade for 31.6, 32.5, and 32.6 times forward earnings estimates. If Meta's earnings multiple expands slightly toward the mid-20s as it shows strong financial results and continues to buy back shares, it should produce returns strong enough to push it past the $3 trillion mark.</p>
<div class="lb-trans"><p>Meta 的股票目前交易于分析师 2025 年收益预估的 22.5 倍。相比之下，苹果、微软和英伟达的交易倍数分别为 31.6、32.5 和 32.6 倍。如果 Meta 的收益倍数稍微扩大到中 20 倍，因为它显示出强劲的财务业绩并继续回购股票，它应该能够产生足够强劲的回报，将其推过 3 万亿美元的门槛。</p>
</div><p>Of course, there's no way to know for certain that Meta can reach that milestone. However, based on everything we know today, the company is poised to grow thanks to its advancements in AI, and the market is offering a great price on the stock.</p>
<div class="lb-trans"><p>当然，没有办法确定 Meta 是否能够达到这一里程碑。然而，基于我们今天所知道的一切，该公司因其在人工智能方面的进展而有望增长，市场也在为其股票提供了一个很好的价格。</p>
</div>

Meet the Unstoppable Artificial Intelligence (AI) Stock That Could Join Apple, Nvidia, and Microsoft in the $3 Trillion Club by 2028

- 苹果在 2022 年成为首家市值超过 1 万亿美元的公司。  
- Meta 预计到 2028 年将加入 1 万亿美元俱乐部，受益于人工智能投资。  
- Meta 当前市值接近 0.5 万亿美元，需实现约 20% 的年复合增长率。

Motley Fool

认识一下这只不可阻挡的人工智能（AI）股票，它可能在 2028 年加入苹果、英伟达和微软的 3 万亿美元俱乐部