<p>十月是股市的繁忙月份，因为这是公司开始报告截至 9 月 30 日季度经营业绩的时间。与过去几年一样，华尔街将高度关注推动人工智能（AI）革命的科技巨头，因为它们通常能够实现最快的收入和盈利增长。</p>
<p><strong>Meta Platforms</strong>（META -0.37%）就是其中一家公司。它计划在 10 月 29 日发布第三季度业绩，管理层的指引显示其收入增长将进一步加速，这主要得益于人工智能。即将发布的报告可能成为 Meta 股票的一个非常积极的催化剂，因此投资者可能想要关注。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMzAvdGhlLW1ldGEtcGxhdGZvcm1zLWxvZ28tZGlzcGxheWVkLW9uLWEtc21hcnRwaG9uZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMzAvdGhlLW1ldGEtcGxhdGZvcm1zLWxvZ28tZGlzcGxheWVkLW9uLWEtc21hcnRwaG9uZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>寻找加速的收入增长</h2>
<p>每天有超过 34 亿人使用至少一个 Meta 的社交媒体应用，包括 Facebook、Instagram 和 WhatsApp。考虑到这几乎占据了全球人口的一半，寻找新用户变得越来越困难，这就是为什么公司专注于提升用户参与度。</p>
<p>简单来说，每个用户在 Meta 应用上花费的时间越长，他们看到的广告就越多，公司赚的钱也就越多。人工智能在这一战略中扮演着重要角色；Meta 利用该技术在其算法中学习每个用户喜欢看到的内容，从而向他们展示更多相关内容。在 2025 年第二季度（截至 6 月 30 日），这推动了用户在 Instagram 上花费的时间比去年同期增加了 6%，而 Facebook 则增加了 5%。</p>
<p>Meta 为其广告推荐引擎采用了类似的策略，以更准确地为企业定位用户。在第二季度，这导致 Instagram 的转化率增加了 5%，Facebook 则增加了 3%。这通常意味着 Meta 可以对每个广告收取更高的费用，因为企业的营销支出回报更高。</p>
<p>这家社交媒体巨头在该季度的总收入为 475 亿美元，比去年同期增长了 22%。这标志着与第一季度相比的加速，第一季度的收入增长为 16%。管理层的指引表明，该公司在第三季度的收入可能达到 505 亿美元，这将代表更快的 24% 的增长。</p>
<p>这将是 10 月 29 日对 Meta 股票非常看涨的结果。</p>
<h2>还有一个更重要的数字值得关注</h2>
<p>Meta 的人工智能战略还包括开发新功能，比如其 Meta AI 聊天机器人，可以回答复杂问题、生成图像，甚至加入你的群聊以解决争论。它在 2023 年底才推出，但已经拥有近十亿的月活跃用户。</p>
<p>Meta AI 由 Meta 的 Llama 系列大型语言模型提供支持，这些模型正在迅速改进，已经与一些领先初创公司如 OpenAI 和 Anthropic 的最佳模型相媲美，尽管这些公司在开发上有多年的先发优势。但为了让 Llama 模型继续改进，Meta 必须在数据中心基础设施和芯片上进行大量投资，以解锁所需的计算能力。</p>
<p>该公司在 2025 年初预计将为年度资本支出（capex）分配 600 亿到 650 亿美元，但随后将这些数字修订为 660 亿到 720 亿美元。Meta 只有在预期获得正的财务回报时才会在人工智能基础设施上花费如此巨额的资金，而考虑到公司日益增长的参与度、更高的广告转化率和加速的收入增长，迹象已经显现。</p>
<p>如果在 10 月 29 日进一步上调 Meta 的 2025 年资本支出预测，可能会对其股票产生看涨影响，因为这可能是管理层预期获得比最初预期更大回报的信号。</p>
<h2>在 10 月 29 日之前，Meta 的股票看起来像是个便宜货</h2>
<p>截至目前，Meta 的股票交易市盈率（P/E）为 25.7，使其成为 “七大奇迹” 中最便宜的股票，这个群体是推动人工智能革命的科技巨头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/deaa61201eab001298480922e8aa2d61.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/deaa61201eab001298480922e8aa2d61.png"/></p>
<p>市盈率数据来源于 YCharts</p>
<p>就我个人而言，我认为 Meta 应该获得更高的估值，因为它在第二季度的每股收益增长了惊人的 38%，超过了除了 <strong>Nvidia</strong> 之外的所有其他七大奇迹公司的收益增长。</p>
<p>通常，投资者会为快速增长的公司支付溢价，因此 Meta 股票可能在市盈率扩张方面有一些上涨空间。如果该公司第三季度的业绩在 10 月 29 日达到或超过管理层指引的高端，这可能成为点燃股票在年底前强劲反弹的火花。</p>

META

<p>Meta Platforms 计划于 10 月 29 日发布其第三季度财报，预计将因人工智能推动收入增长加速。该公司旨在提升其平台（包括 Facebook 和 Instagram）上的用户参与度，从而增加广告收入。分析师预测收入可能达到 505 亿美元，同比增长 24%。Meta 在人工智能基础设施上的投资预计也将增加，显示出对未来回报的信心。目前，Meta 的股票交易市盈率为 25.7，若财报结果符合或超出预期，股票价格有上涨的潜力</p>

<p>October is a busy month for the stock market, because it's when companies start reporting their operating results for the quarter ended Sept. 30. As has been the case for the last few years, Wall Street will be laser-focused on the tech giants powering the artificial intelligence (AI) revolution, because they typically deliver the fastest revenue and earnings growth.</p>
<div class="lb-trans"><p>十月是股市的繁忙月份，因为这是公司开始报告截至 9 月 30 日季度经营业绩的时间。与过去几年一样，华尔街将高度关注推动人工智能（AI）革命的科技巨头，因为它们通常能够实现最快的收入和盈利增长。</p>
</div><p><strong>Meta Platforms</strong>(META -0.37%) is one of those companies. It's scheduled to release its third-quarter results on Oct. 29, and management's guidance points to a further acceleration in its revenue growth, thanks largely to AI. The upcoming report could be a very positive catalyst for Meta stock, so here's why investors might want to pay attention.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META -0.37%）就是其中一家公司。它计划在 10 月 29 日发布第三季度业绩，管理层的指引显示其收入增长将进一步加速，这主要得益于人工智能。即将发布的报告可能成为 Meta 股票的一个非常积极的催化剂，因此投资者可能想要关注。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMzAvdGhlLW1ldGEtcGxhdGZvcm1zLWxvZ28tZGlzcGxheWVkLW9uLWEtc21hcnRwaG9uZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836330%2Fthe-meta-platforms-logo-displayed-on-a-smartphone.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>Look for accelerating revenue growth</h2>
<div class="lb-trans"><h2>寻找加速的收入增长</h2>
</div><p>More than 3.4 billion people use at least one of Meta's social media apps every single day, which include Facebook, Instagram, and WhatsApp. Considering that is nearly half the population of the entire planet, finding new users is getting harder and harder, which is why the company is focused on boosting engagement instead.</p>
<div class="lb-trans"><p>每天有超过 34 亿人使用至少一个 Meta 的社交媒体应用，包括 Facebook、Instagram 和 WhatsApp。考虑到这几乎占据了全球人口的一半，寻找新用户变得越来越困难，这就是为什么公司专注于提升用户参与度。</p>
</div><p>Simply put, the longer each user spends on Meta's apps, the more ads they see, and the more money the company makes. AI is a huge part of that strategy; Meta uses the technology in its algorithms to learn what content each user likes to see, so it can show them more of it. During the second quarter of 2025 (ended June 30), this drove a 6% increase in the amount of time users spent on Instagram compared to the year-ago period, and a 5% increase for Facebook.</p>
<div class="lb-trans"><p>简单来说，每个用户在 Meta 应用上花费的时间越长，他们看到的广告就越多，公司赚的钱也就越多。人工智能在这一战略中扮演着重要角色；Meta 利用该技术在其算法中学习每个用户喜欢看到的内容，从而向他们展示更多相关内容。在 2025 年第二季度（截至 6 月 30 日），这推动了用户在 Instagram 上花费的时间比去年同期增加了 6%，而 Facebook 则增加了 5%。</p>
</div><p>Meta adopted a similar strategy for its ad-recommendation engine to target users more accurately on behalf of businesses. During Q2, this led to a 5% increase in conversions on Instagram, and a 3% increase on Facebook. This typically means Meta can charge more money per ad because businesses are yielding a higher return on their marketing spend.</p>
<div class="lb-trans"><p>Meta 为其广告推荐引擎采用了类似的策略，以更准确地为企业定位用户。在第二季度，这导致 Instagram 的转化率增加了 5%，Facebook 则增加了 3%。这通常意味着 Meta 可以对每个广告收取更高的费用，因为企业的营销支出回报更高。</p>
</div><p>The social media giant generated $47.5 billion in total revenue during the quarter, which was a 22% increase from the year-ago period. That marked an acceleration from the first quarter when revenue jumped by 16%. Management's guidance suggests the company delivered as much as $50.5 billion in revenue during the third quarter, which would represent even faster growth of 24%.</p>
<div class="lb-trans"><p>这家社交媒体巨头在该季度的总收入为 475 亿美元，比去年同期增长了 22%。这标志着与第一季度相比的加速，第一季度的收入增长为 16%。管理层的指引表明，该公司在第三季度的收入可能达到 505 亿美元，这将代表更快的 24% 的增长。</p>
</div><p>That would be a very bullish result for Meta stock on Oct. 29.</p>
<div class="lb-trans"><p>这将是 10 月 29 日对 Meta 股票非常看涨的结果。</p>
</div><h2>Here's an even more important number to watch</h2>
<div class="lb-trans"><h2>还有一个更重要的数字值得关注</h2>
</div><p>Meta's AI strategy also involves developing new features, like its Meta AI chatbot which can answer complex questions, generate images, or even join your group chat to settle debates. It only launched in late 2023, yet it already has almost a billion monthly active users.</p>
<div class="lb-trans"><p>Meta 的人工智能战略还包括开发新功能，比如其 Meta AI 聊天机器人，可以回答复杂问题、生成图像，甚至加入你的群聊以解决争论。它在 2023 年底才推出，但已经拥有近十亿的月活跃用户。</p>
</div><p>Meta AI is powered by Meta's Llama family of large language models, which are improving so rapidly that they already rival some of the best models from leading start-ups like OpenAI and Anthropic, even though those companies had a multiyear head start on development. But in order for the Llama models to continue improving, Meta has to invest heavily in data center infrastructure and chips to unlock the necessary computing power.</p>
<div class="lb-trans"><p>Meta AI 由 Meta 的 Llama 系列大型语言模型提供支持，这些模型正在迅速改进，已经与一些领先初创公司如 OpenAI 和 Anthropic 的最佳模型相媲美，尽管这些公司在开发上有多年的先发优势。但为了让 Llama 模型继续改进，Meta 必须在数据中心基础设施和芯片上进行大量投资，以解锁所需的计算能力。</p>
</div><p>The company came into 2025 expecting to allocate somewhere between $60 billion and $65 billion to capital expenditures (capex) for the year, but it has since revised those numbers to $66 billion and $72 billion. Meta would only spend that kind of money on AI infrastructure if it expected a positive financial return, and the signs are already there considering the company's growing engagement, higher ad conversions, and accelerating revenue growth.</p>
<div class="lb-trans"><p>该公司在 2025 年初预计将为年度资本支出（capex）分配 600 亿到 650 亿美元，但随后将这些数字修订为 660 亿到 720 亿美元。Meta 只有在预期获得正的财务回报时才会在人工智能基础设施上花费如此巨额的资金，而考虑到公司日益增长的参与度、更高的广告转化率和加速的收入增长，迹象已经显现。</p>
</div><p>A further upward revision to Meta's 2025 capex forecast on Oct. 29 would probably be bullish for its stock, because it might be a signal that management expects an even bigger payoff than originally anticipated.</p>
<div class="lb-trans"><p>如果在 10 月 29 日进一步上调 Meta 的 2025 年资本支出预测，可能会对其股票产生看涨影响，因为这可能是管理层预期获得比最初预期更大回报的信号。</p>
</div><h2>Meta's stock looks like a bargain heading into Oct. 29</h2>
<div class="lb-trans"><h2>在 10 月 29 日之前，Meta 的股票看起来像是个便宜货</h2>
</div><p>Meta shares are trading at a price-to-earnings (P/E) ratio of 25.7 as I write this, making it the cheapest stock in the &#34;Magnificent Seven,&#34; which is the group of tech titans driving the AI revolution forward.</p>
<div class="lb-trans"><p>截至目前，Meta 的股票交易市盈率（P/E）为 25.7，使其成为 “七大奇迹” 中最便宜的股票，这个群体是推动人工智能革命的科技巨头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/deaa61201eab001298480922e8aa2d61.png" alt="" original-src="https://media.ycharts.com/charts/deaa61201eab001298480922e8aa2d61.png"/></p>
<p>PE Ratio data by YCharts</p>
<div class="lb-trans"><p>市盈率数据来源于 YCharts</p>
</div><p>Personally, I think Meta deserves a much higher valuation considering it grew its earnings per share by a whopping 38% in the second quarter, outpacing the earnings growth of every other Magnificent Seven company except <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>就我个人而言，我认为 Meta 应该获得更高的估值，因为它在第二季度的每股收益增长了惊人的 38%，超过了除了 <strong>Nvidia</strong> 之外的所有其他七大奇迹公司的收益增长。</p>
</div><p>Typically, investors will pay a premium for a company that is growing quickly, so there might be some upside on the table for Meta stock through multiple expansion alone. If the company's third-quarter results match or exceed the high end of management's guidance on Oct. 29, that could be the spark that ignites a powerful rally for the stock into the end of the year.</p>
<div class="lb-trans"><p>通常，投资者会为快速增长的公司支付溢价，因此 Meta 股票可能在市盈率扩张方面有一些上涨空间。如果该公司第三季度的业绩在 10 月 29 日达到或超过管理层指引的高端，这可能成为点燃股票在年底前强劲反弹的火花。</p>
</div>

Meta Platforms Stock Investors: Circle This Date on Your Calendar

- 10 月是股市繁忙的月份，企业开始发布第三季度业绩。  
- Meta 预计第三季度收入将达到 505 亿美元，增长 24%。  
- AI 策略推动用户参与度和广告转化率提升，股价有上涨潜力。

Meta Platforms 的股票投资者：请在您的日历上标记这个日期