<p>每隔几十年，科技界都会被一位具有远见的世代领袖所重塑，他似乎总能在未来真正展开之前就预见到它的到来。现在，最重要的科技人物可能就是 <strong>英伟达</strong> 的首席执行官黄仁勋。</p>
<p>黄仁勋对人工智能（AI）的理解并不仅仅是从技术角度出发。他谈论它的方式更具思辨性。</p>
<p>除了黄仁勋，另一个值得密切关注的科技领袖是 <strong>Meta Platforms</strong> 的首席执行官马克·扎克伯格。在过去几周，<strong>Meta</strong> reportedly 正在进行一场激进的招聘活动，从 OpenAI、<strong>Alphabet</strong>、GitHub 和 <strong>Apple</strong> 挖走顶尖的 AI 研究人员。</p>
<p>黄仁勋最近在亿万富翁风险投资家查马斯·帕利哈皮提亚主持的 All-In Summit 上谈到了 Meta 的招聘策略。</p>
<p>虽然黄仁勋对 Meta 的评论总体上听起来是支持的，但我认为在扎克伯格寻求在 AI 领域与竞争对手抗衡时，有一些关键的细微差别需要指出。</p>
<p>让我们深入探讨黄仁勋的评论，并评估这对 Meta 投资者可能意味着什么。</p>
<h2>黄仁勋刚刚对 Meta 说了什么？</h2>
<p>在一段分享在社交媒体上的视频剪辑中，黄仁勋分享了他对 Meta 最近招聘潮和据报道的数千万美元签约奖金的看法。</p>
<p>黄仁勋表示，大约 150 名研究人员和适当的资金团队可能会建立一个与 OpenAI 的 ChatGPT 相竞争的平台。为了支持他的说法，他解释说，几个与 ChatGPT 竞争的现有 AI 模型是由与扎克伯格据报道正在组建的 Meta 超级智能实验室（MSL）相似规模的团队构建的。</p>
<p>从表面上看，这听起来像是 Meta 刚刚获得了来自英伟达的信任投票，英伟达曾被称为 “AI 之父”。但这_真的_是这样吗？</p>
<p>我认为黄仁勋的评论可能并不如表面上看起来那么简单。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc0MzQvZ2V0dHlpbWFnZXMtMTE4MDU5MDIxMS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc0MzQvZ2V0dHlpbWFnZXMtMTE4MDU5MDIxMS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>黄仁勋没有说的事情</h2>
<p>作为一家私人公司，OpenAI 并不需要公布其财务或运营指标。然而，根据 CNBC 的报道，OpenAI 现在拥有 300 万名付费企业客户和 100 亿美元的年度经常性收入（ARR）。为了让这个数据更具参考性，OpenAI 的 ARR 在去年估计约为 55 亿美元。</p>
<p>这些数字显示，该公司在不到一年的时间里几乎将其 ARR 基础翻了一番，突显了 OpenAI 在客户获取和加速增长趋势方面的能力，尽管面临来自 Anthropic、DeepSeek 和 <strong>Alphabet</strong> 等其他大型语言模型的激烈竞争。</p>
<p>这些细微差别很重要，因为 Meta 超级智能实验室不仅需要推出某种产品，还需要证明它能够应对产品执行、客户获取和与具有强大先发优势的竞争对手竞争的挑战。</p>
<p>尽管黄仁勋似乎对更多公司推出与 OpenAI 直接竞争的产品充满信心，但我认为他的评论并没有明确支持 Meta。相反，我认为他更简单地暗示 Meta 在其征服 AI 领域的过程中进行了战略投资。</p>
<h2>现在 Meta 股票值得购买吗？</h2>
<p>正如下图所示，几年前 Meta 的市盈率（P/E）经历了大幅扩张。在此期间，管理层实施了显著的成本削减，特别是在元宇宙部门。它做出了战略决定，将这些节省的资金重新分配到 AI 项目中。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/10b9d7ab576b4bc2c841ab77eee58bd9.png?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://media.ycharts.com/charts/10b9d7ab576b4bc2c841ab77eee58bd9.png"/></p>
<p>META 市盈率数据来源于 YCharts。</p>
<p>鉴于上述趋势，我认为投资者欢迎从元宇宙转向 AI 的转变，并开始将一些上行空间纳入定价。然而，在过去的 18 个月里，Meta 的市盈率水平大幅回落。</p>
<p>在我看来，这一估值重置表明投资者可能没有充分认识到扎克伯格和管理团队几年前奠定的基础。换句话说，市场可能过早地买入了该股票，却忽视了 AI 机会的长期上行空间。</p>
<p>随着 Meta 超级智能实验室的创建和一批明星人才准备构建和推出新的 AI 驱动服务，Meta 可能正处于一次巨大的转型边缘，而这一点在估值上仍未得到充分反映。</p>
<p>在目前的水平上，我认为 Meta 股票在这个价格下是一个显而易见的购买机会，因为我认为该公司在 AI 方面的上行空间目前在很大程度上被低估。</p>

英伟达

<p>英伟达首席执行官黄仁勋最近评论了 Meta 在人工智能研究人员方面的积极招聘，暗示如果拥有 150 人的团队，他们可能会与 OpenAI 的 ChatGPT 相抗衡。尽管黄的言论似乎表示支持，但并没有明确支持 Meta。尽管 OpenAI 快速增长，Meta 的超级智能实验室仍需证明其竞争能力。投资者对 Meta 从元宇宙转向人工智能的转变反应积极，但股票近期的回调可能表明对其长期潜力的误解。考虑到其人工智能前景，目前的估值为 Meta 股票提供了强有力的买入机会</p>

<p>Every few decades, the technology world is reshaped by a generational visionary who somehow seems to see the future before it actually unfolds. Right now, the most important technologist might just be Jensen Huang, the CEO of <strong>Nvidia</strong>(NVDA -2.26%).</p>
<div class="lb-trans"><p>每隔几十年，科技界都会被一位具有远见的世代领袖所重塑，他似乎总能在未来真正展开之前就预见到它的到来。现在，最重要的科技人物可能就是 <strong>英伟达</strong> 的首席执行官黄仁勋。</p>
</div><p>Huang does not understand artificial intelligence (AI) purely from a technical perspective. The way he speaks about it is more cerebral.</p>
<div class="lb-trans"><p>黄仁勋对人工智能（AI）的理解并不仅仅是从技术角度出发。他谈论它的方式更具思辨性。</p>
</div><p>Beyond Huang, another technological visionary who is worth paying close attention to is Mark Zuckerberg, the CEO of <strong>Meta Platf</strong> <strong>o</strong> <strong>rms</strong>. Over the last several weeks, Meta has reportedly been on an aggressive hiring campaign, poaching top AI researchers from OpenAI, <strong>Alphabet</strong>, GitHub, and <strong>Apple</strong>.</p>
<div class="lb-trans"><p>除了黄仁勋，另一个值得密切关注的科技领袖是 <strong>Meta Platforms</strong> 的首席执行官马克·扎克伯格。在过去几周，<strong>Meta</strong> reportedly 正在进行一场激进的招聘活动，从 OpenAI、<strong>Alphabet</strong>、GitHub 和 <strong>Apple</strong> 挖走顶尖的 AI 研究人员。</p>
</div><p>Huang recently addressed Meta's hiring strategy during a discussion at the All-In Summit, hosted by billionaire venture capitalist Chamath Palihapitiya.</p>
<div class="lb-trans"><p>黄仁勋最近在亿万富翁风险投资家查马斯·帕利哈皮提亚主持的 All-In Summit 上谈到了 Meta 的招聘策略。</p>
</div><p>While Huang's comments about Meta sounded supportive overall, I think there are some key nuances to point out as Zuckerberg seeks to take on competition in the AI realm.</p>
<div class="lb-trans"><p>虽然黄仁勋对 Meta 的评论总体上听起来是支持的，但我认为在扎克伯格寻求在 AI 领域与竞争对手抗衡时，有一些关键的细微差别需要指出。</p>
</div><p>Let's dig into Huang's comments and assess what could be in the cards for Meta investors.</p>
<div class="lb-trans"><p>让我们深入探讨黄仁勋的评论，并评估这对 Meta 投资者可能意味着什么。</p>
</div><h2>What did Huang just say about Meta?</h2>
<div class="lb-trans"><h2>黄仁勋刚刚对 Meta 说了什么？</h2>
</div><p>In a video clip shared on social media, Huang shares his thoughts around Meta's recent hiring spree and the reported hundred-million-dollar signing bonuses.</p>
<div class="lb-trans"><p>在一段分享在社交媒体上的视频剪辑中，黄仁勋分享了他对 Meta 最近招聘潮和据报道的数千万美元签约奖金的看法。</p>
</div><p>Huang said that a team of roughly 150 researchers and appropriate funding could potentially go on to build a rival platform to OpenAI's ChatGPT. To back up his claim, he explained that several existing AI models that compete with ChatGPT were built by a team of similar size to what Zuckerberg is reportedly assembling through the creation of Meta Superintelligence Labs (MSL).</p>
<div class="lb-trans"><p>黄仁勋表示，大约 150 名研究人员和适当的资金团队可能会建立一个与 OpenAI 的 ChatGPT 相竞争的平台。为了支持他的说法，他解释说，几个与 ChatGPT 竞争的现有 AI 模型是由与扎克伯格据报道正在组建的 Meta 超级智能实验室（MSL）相似规模的团队构建的。</p>
</div><p>On the surface, this sounds like Meta just earned a vote of confidence from Nvidia, once referred to as the &#34;godfather of AI.&#34; But is that <em>really</em> the case?</p>
<div class="lb-trans"><p>从表面上看，这听起来像是 Meta 刚刚获得了来自英伟达的信任投票，英伟达曾被称为 “AI 之父”。但这_真的_是这样吗？</p>
</div><p>I think there might be more than meets the eye to Huang's comments.</p>
<div class="lb-trans"><p>我认为黄仁勋的评论可能并不如表面上看起来那么简单。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc0MzQvZ2V0dHlpbWFnZXMtMTE4MDU5MDIxMS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827434%2Fgettyimages-1180590211.jpg&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>What Huang didn't say</h2>
<div class="lb-trans"><h2>黄仁勋没有说的事情</h2>
</div><p>As a private company, OpenAI is not required to publish its financials or operating metrics. However, according to reports from CNBC, OpenAI now has 3 million paying enterprise customers and $10 billion in annual recurring revenue (ARR). To put this into perspective, OpenAI's ARR was estimated to be around $5.5 billion last year.</p>
<div class="lb-trans"><p>作为一家私人公司，OpenAI 并不需要公布其财务或运营指标。然而，根据 CNBC 的报道，OpenAI 现在拥有 300 万名付费企业客户和 100 亿美元的年度经常性收入（ARR）。为了让这个数据更具参考性，OpenAI 的 ARR 在去年估计约为 55 亿美元。</p>
</div><p>Those numbers show the company has nearly doubled its ARR base in less than a year, underscoring OpenAI's ability to acquire customers and accelerate its growth trends despite intensified competition from other large language models (LLM) from Anthropic, DeepSeek, and Alphabet, for example.</p>
<div class="lb-trans"><p>这些数字显示，该公司在不到一年的时间里几乎将其 ARR 基础翻了一番，突显了 OpenAI 在客户获取和加速增长趋势方面的能力，尽管面临来自 Anthropic、DeepSeek 和 <strong>Alphabet</strong> 等其他大型语言模型的激烈竞争。</p>
</div><p>These nuances matter because Meta Superintelligence Labs won't just need to launch something, it will need to prove that it can weather challenges across product execution, customer acquisition, and competing with incumbents with strong first-mover advantages.</p>
<div class="lb-trans"><p>这些细微差别很重要，因为 Meta 超级智能实验室不仅需要推出某种产品，还需要证明它能够应对产品执行、客户获取和与具有强大先发优势的竞争对手竞争的挑战。</p>
</div><p>Although Huang appears confident that more companies will introduce products that compete directly with OpenAI, I would say that his comments fall short of an explicit endorsement of Meta, per se. Rather, I think he's more simply implying that Meta has been investing strategically in its quest to conquer the AI landscape.</p>
<div class="lb-trans"><p>尽管黄仁勋似乎对更多公司推出与 OpenAI 直接竞争的产品充满信心，但我认为他的评论并没有明确支持 Meta。相反，我认为他更简单地暗示 Meta 在其征服 AI 领域的过程中进行了战略投资。</p>
</div><h2>Is Meta stock a buy now?</h2>
<div class="lb-trans"><h2>现在 Meta 股票值得购买吗？</h2>
</div><p>As the chart below illustrates, Meta experienced sizable expansion in its price-to-earnings ratio (P/E) a couple of years ago. During this period, management implemented significant cost reductions, particularly in the metaverse division. It made a strategic decision to reallocate these savings into AI initiatives.</p>
<div class="lb-trans"><p>正如下图所示，几年前 Meta 的市盈率（P/E）经历了大幅扩张。在此期间，管理层实施了显著的成本削减，特别是在元宇宙部门。它做出了战略决定，将这些节省的资金重新分配到 AI 项目中。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/10b9d7ab576b4bc2c841ab77eee58bd9.png" alt="" original-src="https://media.ycharts.com/charts/10b9d7ab576b4bc2c841ab77eee58bd9.png"/></p>
<p>META PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>META 市盈率数据来源于 YCharts。</p>
</div><p>Given the trends above, I'd say that investors welcomed the shift from the metaverse to AI and began pricing in some of the upside. However, over the last 18 months, Meta's P/E levels have pulled back considerably.</p>
<div class="lb-trans"><p>鉴于上述趋势，我认为投资者欢迎从元宇宙转向 AI 的转变，并开始将一些上行空间纳入定价。然而，在过去的 18 个月里，Meta 的市盈率水平大幅回落。</p>
</div><p>In my eyes, this valuation reset suggests that investors may not fully appreciate the foundation that Zuckerberg and the management team laid a couple of years ago. In other words, the market may have prematurely bought up the stock, only to discount the long-term upside of the AI opportunity now.</p>
<div class="lb-trans"><p>在我看来，这一估值重置表明投资者可能没有充分认识到扎克伯格和管理团队几年前奠定的基础。换句话说，市场可能过早地买入了该股票，却忽视了 AI 机会的长期上行空间。</p>
</div><p>With the creation of Meta Superintelligence Labs and a roster of all-star talent ready to build and launch new AI-powered services, Meta could be on the cusp of a massive transformation that remains discounted from a valuation standpoint.</p>
<div class="lb-trans"><p>随着 Meta 超级智能实验室的创建和一批明星人才准备构建和推出新的 AI 驱动服务，Meta 可能正处于一次巨大的转型边缘，而这一点在估值上仍未得到充分反映。</p>
</div><p>At its current levels, I see Meta stock as a no-brainer buying opportunity at these prices as I think the company's upside from AI is largely discounted right now.</p>
<div class="lb-trans"><p>在目前的水平上，我认为 Meta 股票在这个价格下是一个显而易见的购买机会，因为我认为该公司在 AI 方面的上行空间目前在很大程度上被低估。</p>
</div>

Nvidia CEO Jensen Huang Just Gave Meta Investors Great News -- or Did He?

- 黄仁勋认为，Meta 的招聘策略可能会建立与 OpenAI 竞争的平台。  
- OpenAI 的年收入已达 100 亿美元，显示其客户增长迅速。  
- Meta 的 AI 投资或将带来重大转型，当前股价被低估。

英伟达首席执行官黄仁勋刚刚给 Meta 投资者带来了好消息——或者他真的带来了好消息吗？