<p>上周，<strong>Meta Platforms</strong>（META 3.85%）表示将关闭其社交媒体平台上的第三方事实核查程序。首席执行官马克·扎克伯格表示，这些平台，包括 Facebook 和 Instagram，旨在让 “人们能够自由表达自己”，并声称这一决定将有助于促进这一目标。</p>
<p>这是一项有趣的举措，不仅因为其时机恰逢当选总统唐纳德·特朗普的就职典礼前夕，还因为社交媒体上虚假信息传播的数量多年来一直在增长。对于 Meta Platforms 来说，撤回其遏制这一上升趋势的尝试可能不会对业务产生积极影响，并可能对股价造成不利影响。</p>
<h2>跟随 X 的脚步</h2>
<p>扎克伯格表示，在没有第三方事实核查程序的情况下，用户将能够通过 “社区笔记” 系统有效地自我监管平台。如果你使用 X（前身为 Twitter），你可能会看到一些笔记，质疑帖子中的主张，添加背景信息或提供更多信息。</p>
<p>其前提是，这可能在放宽言论自由的限制的同时，也能对抗虚假报告、错误信息和假信息。如果用户能够在可疑帖子上留下提供有价值背景的笔记，这可能会防止其他阅读这些笔记的人得出错误的结论。</p>
<p>然而，X 所采用的模式可能是一个冒险的复制对象。自从埃隆·马斯克接管以来，许多广告商已经离开了这个社交媒体平台，主要是因为他们对其较弱的内容审核政策和平台上极端和争议内容的数量感到担忧。品牌通常不希望与有争议的内容相关联，因为他们不想疏远任何重要的客户群体。</p>
<p>尽管以言论自由的名义放宽限制对某些人来说听起来是个好主意，但这也引发了新审核协议的公正性问题。基于社区的模型还假设用户会花时间仔细阅读这些笔记，而不是对可能激怒他们的帖子立即做出反应。</p>
<h2>广告收入下降可能会 derail 股价的进展</h2>
<p>许多人将 Meta 的转变视为试图迎合特朗普，特朗普在 2021 年因其行为被禁止使用 Facebook，为期两年。现在在其平台上实施特朗普友好的政策可能会让 Meta 免受政府监管者或特朗普本人日后的审查和压力。</p>
<p>但更大的风险是，许多广告商可能会开始将大量的营销支出转移到其他平台上。Facebook 常常面临与未经验证的报告和假信息相关联的问题，而在生成式人工智能时代，恶意行为者创造这种误导性内容变得更加容易。社交媒体平台对严格事实核查的需求可以说正在增加。远离这一点可能会给 Meta 带来高昂的代价。</p>
<p>自 2023 年初以来，股价飙升超过 400%（在 2021 年底至 2022 年期间几乎下跌了 70%）的一个重要原因是，业务因其平台上广告支出的增长而蓬勃发展。随着美国对 TikTok 的禁令即将到来，广告商从 X 撤回，Meta 对市场营销人员来说变得比以往更具吸引力。在 2024 年前九个月，该公司的销售额同比增长 22%，达到 1160 亿美元，而净收入飙升 66%，约为 420 亿美元。</p>
<p>如果 Meta 的增长率放缓，这可能会对股价施加压力，目前股价处于创纪录水平，市盈率为 29 倍——这是一个相当高的倍数，在更温和的增长背景下可能难以证明其合理性。</p>
<h2>Meta Platforms 的股票仍然值得购买吗？</h2>
<p>这只社交媒体股票近年来受益于其平台上广告支出的增加，但我并不相信这一趋势会持续下去。广告商有越来越多的替代方式来接触消费者。例如，<strong>沃尔玛</strong> 收购电视制造商 Vizio 可能会推动其广告业务，而社交媒体公司 <strong>Reddit</strong> 也在扩大其在平台上产生广告收入的努力。此外，考虑到对经济未来表现的不确定性，公司可能会再次减少广告支出以节省资金。</p>
<p>尽管 Meta 近年来取得了可观的增长，并在此过程中实现了出色的增长，但在不合时宜的时候取消其第三方事实核查系统可能是一个代价高昂的举动。对于投资者来说，我认为今天有比 Meta Platforms 更好的增长股票值得考虑，鉴于其高估值，可能会面临调整。</p>

META

<p>Meta Platforms 正在结束其在 Facebook 和 Instagram 上的第三方事实核查程序，这一举措可能会影响其股票表现。首席执行官马克·扎克伯格声称这将增强言论自由，但关于虚假信息和广告商反应的担忧随之而来。这一转变可能导致广告收入下降，尤其是在品牌避免争议内容的情况下。尽管 2023 年股票大幅上涨，分析师警告称 Meta 的增长可能会放缓，使其高估值难以合理化。投资者被建议考虑其他增长股票，因为取消事实核查可能会带来高昂的代价</p>

<p>Last week, <strong>Meta Platforms</strong>(META 3.85%) said that it is shutting down the third-party fact-checking programs on its social media platforms. Chief Executive Officer Mark Zuckerberg says that those platforms, including Facebook and Instagram, are designed so that, &#34;people can express themselves freely,&#34; and asserts that this decision will help facilitate that.</p>
<div class="lb-trans"><p>上周，<strong>Meta Platforms</strong>（META 3.85%）表示将关闭其社交媒体平台上的第三方事实核查程序。首席执行官马克·扎克伯格表示，这些平台，包括 Facebook 和 Instagram，旨在让 “人们能够自由表达自己”，并声称这一决定将有助于促进这一目标。</p>
</div><p>It's an interesting move, not just due to its timing -- right before President-elect Donald Trump's inauguration -- but also because the volume of misinformation spreading on social media has only been growing over the years. For Meta Platforms, the decision to retreat from its attempts to stem that rising tide may not pay off for the business, and it could spell bad news for the stock.</p>
<div class="lb-trans"><p>这是一项有趣的举措，不仅因为其时机恰逢当选总统唐纳德·特朗普的就职典礼前夕，还因为社交媒体上虚假信息传播的数量多年来一直在增长。对于 Meta Platforms 来说，撤回其遏制这一上升趋势的尝试可能不会对业务产生积极影响，并可能对股价造成不利影响。</p>
</div><h2>Following in the footsteps of X</h2>
<div class="lb-trans"><h2>跟随 X 的脚步</h2>
</div><p>Zuckerberg says that in the absence of a third-party fact-checking program, users will be able to effectively regulate the platform themselves using a &#34;community notes&#34; system. If you use X (formerly known as Twitter), you may sometimes see notes that dispute a post's assertions, add context, or provide more information.</p>
<div class="lb-trans"><p>扎克伯格表示，在没有第三方事实核查程序的情况下，用户将能够通过 “社区笔记” 系统有效地自我监管平台。如果你使用 X（前身为 Twitter），你可能会看到一些笔记，质疑帖子中的主张，添加背景信息或提供更多信息。</p>
</div><p>The premise is that this could potentially loosen restrictions on free speech while also countering false reports, misinformation, and disinformation. If users can leave notes on questionable posts that provide valuable context, that might prevent others that read them from reaching incorrect conclusions.</p>
<div class="lb-trans"><p>其前提是，这可能在放宽言论自由的限制的同时，也能对抗虚假报告、错误信息和假信息。如果用户能够在可疑帖子上留下提供有价值背景的笔记，这可能会防止其他阅读这些笔记的人得出错误的结论。</p>
</div><p>However, the model X is using may be a risky one to copy. Many advertisers have left the social media platform in the period since Elon Musk took over, due largely to their concerns about its weaker moderation policies and the volume of extreme and controversial content on the platform. Brands typically don't want to be associated with contentious content because they have little interest in alienating any significant part of their customer base.</p>
<div class="lb-trans"><p>然而，X 所采用的模式可能是一个冒险的复制对象。自从埃隆·马斯克接管以来，许多广告商已经离开了这个社交媒体平台，主要是因为他们对其较弱的内容审核政策和平台上极端和争议内容的数量感到担忧。品牌通常不希望与有争议的内容相关联，因为他们不想疏远任何重要的客户群体。</p>
</div><p>Although easing restrictions in the name of free speech may sound like a great idea to some people, it also raises the question of how impartial the new moderation protocol will be. The community-based model also assumes that users will take the time to carefully read those notes rather than instantly reacting to posts that may outrage them.</p>
<div class="lb-trans"><p>尽管以言论自由的名义放宽限制对某些人来说听起来是个好主意，但这也引发了新审核协议的公正性问题。基于社区的模型还假设用户会花时间仔细阅读这些笔记，而不是对可能激怒他们的帖子立即做出反应。</p>
</div><h2>A drop in advertising revenue could derail the stock's progress</h2>
<div class="lb-trans"><h2>广告收入下降可能会 derail 股价的进展</h2>
</div><p>Many people see Meta's shift as an attempt to appease Trump, who was banned from Facebook back in 2021 for a period of two years. Enacting Trump-friendly policies on its platforms now could spare Meta scrutiny and pressure from government regulators or Trump himself later.</p>
<div class="lb-trans"><p>许多人将 Meta 的转变视为试图迎合特朗普，特朗普在 2021 年因其行为被禁止使用 Facebook，为期两年。现在在其平台上实施特朗普友好的政策可能会让 Meta 免受政府监管者或特朗普本人日后的审查和压力。</p>
</div><p>But the bigger risk is that many advertisers could start shifting significant quantities of their marketing spending to other platforms instead. Facebook has often had problems with being associated with unverified reports and disinformation, and in the generative artificial intelligence era, it's only becoming easier for bad actors to create such misleading content. The need for rigorous fact-checking on social media platforms is arguably increasing. Moving away from it may prove costly for Meta.</p>
<div class="lb-trans"><p>但更大的风险是，许多广告商可能会开始将大量的营销支出转移到其他平台上。Facebook 常常面临与未经验证的报告和假信息相关联的问题，而在生成式人工智能时代，恶意行为者创造这种误导性内容变得更加容易。社交媒体平台对严格事实核查的需求可以说正在增加。远离这一点可能会给 Meta 带来高昂的代价。</p>
</div><p>One big reason the stock has soared more than 400% since the start of 2023 (after falling by almost 70% from its peak from late 2021 through 2022) is that the business has flourished due to growing ad spending on its platforms. With a U.S. TikTok ban looming and advertisers pulling away from X, Meta has been even more of a go-to option for marketers than it had been. During the first nine months of 2024, the company's sales rose by 22% year over year to $116 billion while net income soared by 66% to about $42 billion.</p>
<div class="lb-trans"><p>自 2023 年初以来，股价飙升超过 400%（在 2021 年底至 2022 年期间几乎下跌了 70%）的一个重要原因是，业务因其平台上广告支出的增长而蓬勃发展。随着美国对 TikTok 的禁令即将到来，广告商从 X 撤回，Meta 对市场营销人员来说变得比以往更具吸引力。在 2024 年前九个月，该公司的销售额同比增长 22%，达到 1160 亿美元，而净收入飙升 66%，约为 420 亿美元。</p>
</div><p>If Meta's growth rate slows, that could put pressure on the stock, which is trading around record levels and at 29 times its trailing earnings -- a sizable multiple, which may be hard to justify amid more modest growth.</p>
<div class="lb-trans"><p>如果 Meta 的增长率放缓，这可能会对股价施加压力，目前股价处于创纪录水平，市盈率为 29 倍——这是一个相当高的倍数，在更温和的增长背景下可能难以证明其合理性。</p>
</div><h2>Is Meta Platforms stock still a good buy?</h2>
<div class="lb-trans"><h2>Meta Platforms 的股票仍然值得购买吗？</h2>
</div><p>This social media stock has benefited from an increase in ad spend on its platforms in recent years, but I'm not convinced that trend will continue. There are a growing number of alternative ways for advertisers to reach consumers. For example, <strong>Walmart</strong>'s acquisition of TV maker Vizio may give a boost to its advertising business, while social media company <strong>Reddit</strong> is also expanding efforts to generate advertising revenue on its platform. Plus, given the uncertainty about how the economy will fare in the near future, it's possible that companies will again reduce their ad spending to conserve money.</p>
<div class="lb-trans"><p>这只社交媒体股票近年来受益于其平台上广告支出的增加，但我并不相信这一趋势会持续下去。广告商有越来越多的替代方式来接触消费者。例如，<strong>沃尔玛</strong> 收购电视制造商 Vizio 可能会推动其广告业务，而社交媒体公司 <strong>Reddit</strong> 也在扩大其在平台上产生广告收入的努力。此外，考虑到对经济未来表现的不确定性，公司可能会再次减少广告支出以节省资金。</p>
</div><p>While Meta has achieved considerable gains in recent years and generated fantastic growth along the way, eliminating its third-party fact-checking system could be a costly move at an inopportune time. For investors, I think there are better growth stocks to consider than Meta Platforms today, and given its elevated valuation, it may be due for a correction.</p>
<div class="lb-trans"><p>尽管 Meta 近年来取得了可观的增长，并在此过程中实现了出色的增长，但在不合时宜的时候取消其第三方事实核查系统可能是一个代价高昂的举动。对于投资者来说，我认为今天有比 Meta Platforms 更好的增长股票值得考虑，鉴于其高估值，可能会面临调整。</p>
</div>

Meta Platforms Is Ending Its Fact-Checking Program. That Could Be Risky for the Stock

- Meta Platforms 宣布关闭第三方事实核查项目，CEO 扎克伯格称此举将促进自由表达。  
- 该决定可能导致广告收入下降，影响股价表现。  
- 在广告支出增长的背景下，Meta 的未来增长面临不确定性。

Meta Platforms 正在终止其事实核查计划。这可能对其股票构成风险