<p><strong>太空探索技术公司</strong>（ SPCX 0.97%）是埃隆·马斯克的价值 2 万亿美元的太空运输、卫星互联网连接和人工智能（AI）公司。在过去几个月中，SpaceX 宣布了一系列协议，将其多余的数据中心容量租赁给其他 AI 开发者，以获取丰厚的费用，这可能每月带来数十亿美元的收入。</p>
<p>根据上周彭博社的报道，Facebook 和 Instagram 的母公司 <strong>Meta Platforms</strong>（ META +3.12%）也在考虑采取类似的举措。过去几年中，它积极构建 AI 基础设施以训练其 Llama 模型，但看起来首席执行官马克·扎克伯格希望通过将其闲置的计算能力租赁给其他开发者来开辟新的收入来源。</p>
<p>这对 Meta 来说可能是一个非常有利可图的举措，而此时其股票的交易价格低于整体市场。然而，至少有一个值得考虑的担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzUxMy90aGUtbWV0YS1wbGF0Zm9ybXMtbG9nby1vbi1hLWJsdWUtdHJhbnNsdWNlbnQtYmFja2dyb3VuZC5wbmcCNnc9Mzg0MAI2b3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzUxMy90aGUtbWV0YS1wbGF0Zm9ybXMtbG9nby1vbi1hLWJsdWUtdHJhbnNsdWNlbnQtYmFja2dyb3VuZC5wbmcCNnc9Mzg0MAI2b3A9cmVzaXpl"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>AI 改变了 Meta 的广告业务</h2>
<p>每天有超过 35 亿人访问至少一个 Meta 的社交媒体应用，随着这个数字接近全球人口的一半，寻找新用户变得越来越困难。通常，这意味着公司在广告业务中将面临增长停滞，但它通过使用 AI 来提升用户参与度，从而绕过了这一挑战。</p>
<p>Meta 在其推荐算法中使用 AI，以向用户展示更多他们喜欢观看的内容，这种方法使他们在线停留的时间更长。因此，每个用户看到的广告更多，Meta 赚取的收入也更多。随着时间的推移，马克·扎克伯格 相信 AI 将使社交媒体体验更加个性化，不仅提供更准确的推荐，还为每个特定用户创建内容。</p>
<p>这一愿景为新机会打开了大门。Facebook 和 Instagram 不仅仅提供纯粹的娱乐，还将成为人们访问以改善生活的有用中心，无论是想学习烹饪还是想关注特定类型的新闻。这种方法在长期内可能会在提高参与度方面带来重大变化。</p>
<p>Meta 的 AI 努力已经在其财务结果中显现。该公司在 2026 年第一季度（截至 3 月 31 日）创下了 563 亿美元的收入，较去年同期增长 33%。这一增长率从 2025 年第四季度的 24% 迅速加速，仅仅三个月前。</p>
<h2>进入云计算可能会带来丰厚的利润，但有一个担忧</h2>
<p>Meta 开发了一系列开源的大型语言模型（LLMs），称为 Llama，这些模型是其大多数 AI 项目的基础。从零开始构建 LLMs 并不便宜，持续改进它们以保持竞争优势也同样如此，这就是为什么 Meta 去年的资本支出（capex）超过 720 亿美元。大部分资金用于 AI 数据中心基础设施，包括芯片和组件。</p>
<p>根据管理层最近的指导，该资本支出数字可能在 2026 年翻倍，达到 1450 亿美元。正如最近的彭博社报道所暗示的，Meta 计划将其部分闲置的计算能力租赁给其他开发者，这将开启新的收入来源。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTUVUQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Meta Platforms 股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTUVUQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU"/></p>
<h2>NASDAQ: META</h2>
<p>Meta Platforms</p>
<p>今日变动</p>
<p>(3.12%) $18.19</p>
<p>当前价格</p>
<p>$601.09</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$1.5T 市值仅根据公开交易的流通股计算。不包括未上市、私有或双重类别非交易股份。隐含市值可能有所不同。市值仅根据公开交易的流通股计算。不包括未上市、私有或双重类别非交易股份。隐含市值可能有所不同。</p>
<p>日内区间</p>
<p>$581.79 - $603.50</p>
<p>52 周区间</p>
<p>$520.26 - $796.25</p>
<p>成交量</p>
<p>2.1K</p>
<p>平均成交量</p>
<p>17.3M</p>
<p>毛利率</p>
<p>81.94%</p>
<p>股息收益率</p>
<p>0.35%</p>
<p>Meta 可能不会与其他 云服务提供商 竞争，如 <strong>亚马逊</strong> 网络服务和 <strong>微软</strong>Azure，因为它们提供数百种超出 AI 领域的服务，以帮助客户在数字时代蓬勃发展。相反，Meta 可能会针对像 <strong>CoreWeave</strong> 和 <strong>Nebius</strong> 这样的新云服务，它们为客户提供一套非常狭窄的工具，以帮助他们开发 AI 软件。</p>
<p>开辟新的收入来源只会导致增长，这无疑是个好消息。SpaceX 可能会通过最近签署的两项协议，每月从租赁计算能力给 Anthropic 和 <strong>Alphabet</strong> 中获得超过 20 亿美元的收入，因此这一商业模式无疑是有利可图的。</p>
<p>然而，我在想 Meta 为什么会有闲置的 AI 能力。AI 行业正面临严重的芯片和组件短缺，因为据说计算能力不足，因此像 Meta 和 SpaceX 这样的公司愿意将其部分数据中心租赁给其他开发者，这让人感到困惑。在我看来，这似乎是这些公司在_过度建设_，可能导致计算能力价格的崩溃。</p>
<h2>目前 Meta 股票看起来很便宜</h2>
<p>虽然 Meta 进入云业务存在一些明显的风险，但投资者目前以非常有吸引力的价格购买其股票。其市盈率仅为 21.2，比 10 年平均值 28.4 低 25%。</p>
<p></p>
<p>META PE Ratio 数据来自 YCharts。</p>
<p>Meta 的估值也显著低于 <strong>纳斯达克 100</strong> 指数，其市盈率为 35.2，因此与一篮子大型科技公司相比，Meta 显得被严重低估。因此，我认为无论其潜在的云业务如何发展，现在都是一个不错的长期投资机会。</p>

2 倍做多 Meta ETF - Direxion

METD

2 倍做多 META ETF - GraniteShares

METW

FBYY

2 倍做多 MAG7 指数 ETF - Roundhill

<p>Meta Platforms 据报道正在探索通过向其他开发者出租闲置的 AI 计算能力来开辟新的收入来源，这一策略与 SpaceX 类似。此举旨在将其为 Llama 模型构建的庞大基础设施货币化，可能每月产生数十亿美元的收入。尽管这可能在用户增长停滞的情况下提升利润，但也存在对 AI 基础设施可能过度建设以及对芯片供应动态影响的担忧</p>

<p><strong>Space Exploration Technologies</strong>( SPCX 0.97%) is Elon Musk's $2 trillion space transportation, satellite internet connectivity, and artificial intelligence (AI) company. Over the past few months, SpaceX has announced a series of deals to rent its excess data center capacity to other AI developers for a lucrative fee, which could amount to billions of dollars in monthly revenue.</p>
<div class="lb-trans"><p><strong>太空探索技术公司</strong>（ SPCX 0.97%）是埃隆·马斯克的价值 2 万亿美元的太空运输、卫星互联网连接和人工智能（AI）公司。在过去几个月中，SpaceX 宣布了一系列协议，将其多余的数据中心容量租赁给其他 AI 开发者，以获取丰厚的费用，这可能每月带来数十亿美元的收入。</p>
</div><p>According to a Bloomberg report last week, Facebook and Instagram parent company <strong>Meta Platforms</strong>( META +3.12%) is looking to make a similar move. It has aggressively built AI infrastructure over the past few years to train its Llama models, but it appears CEO Mark Zuckerberg wants to unlock a new revenue stream by renting out its spare computing capacity to other developers.</p>
<div class="lb-trans"><p>根据上周彭博社的报道，Facebook 和 Instagram 的母公司 <strong>Meta Platforms</strong>（ META +3.12%）也在考虑采取类似的举措。过去几年中，它积极构建 AI 基础设施以训练其 Llama 模型，但看起来首席执行官马克·扎克伯格希望通过将其闲置的计算能力租赁给其他开发者来开辟新的收入来源。</p>
</div><p>This could be a highly profitable move for Meta, and it comes at a time when its stock trades at a discount to the broader market. However, there is at least one concern worth considering.</p>
<div class="lb-trans"><p>这对 Meta 来说可能是一个非常有利可图的举措，而此时其股票的交易价格低于整体市场。然而，至少有一个值得考虑的担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc1MTMvdGhlLW1ldGEtcGxhdGZvcm1zLWxvZ28tb24tYS1ibHVlLXRyYW5zbHVjZW50LWJhY2tncm91bmQucG5nJnc9Mzg0MA" alt="The Meta Platforms logo on a blue translucent background." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F877513%2Fthe-meta-platforms-logo-on-a-blue-translucent-background.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>AI transformed Meta's advertising business</h2>
<div class="lb-trans"><h2>AI 改变了 Meta 的广告业务</h2>
</div><p>More than 3.5 billion people visit at least one of Meta's social media apps every day, and as that number approaches half the world's population, it's becoming harder to find new users. Ordinarily, that would mean the company would face stagnant growth in its advertising business, but it's getting around that challenge by using AI to boost engagement instead.</p>
<div class="lb-trans"><p>每天有超过 35 亿人访问至少一个 Meta 的社交媒体应用，随着这个数字接近全球人口的一半，寻找新用户变得越来越困难。通常，这意味着公司在广告业务中将面临增长停滞，但它通过使用 AI 来提升用户参与度，从而绕过了这一挑战。</p>
</div><p>Meta uses AI in its recommendation algorithms to show users more of the content they enjoy viewing, and that approach is keeping them online for longer periods of time. As a result, each user is seeing more ads, and Meta is making more money. Over time, Mark Zuckerberg believes AI will make the social media experience even more personal by not only providing more accurate recommendations, but also creating content for each specific user.</p>
<div class="lb-trans"><p>Meta 在其推荐算法中使用 AI，以向用户展示更多他们喜欢观看的内容，这种方法使他们在线停留的时间更长。因此，每个用户看到的广告更多，Meta 赚取的收入也更多。随着时间的推移，马克·扎克伯格 相信 AI 将使社交媒体体验更加个性化，不仅提供更准确的推荐，还为每个特定用户创建内容。</p>
</div><p>That vision opens the door to new opportunities. Instead of simply providing users with pure entertainment, Facebook and Instagram will also become useful hubs people visit to improve their lives, whether they want to learn how to cook or they want to follow a specific type of news. This approach could be a game changer in terms of increasing engagement over the long term.</p>
<div class="lb-trans"><p>这一愿景为新机会打开了大门。Facebook 和 Instagram 不仅仅提供纯粹的娱乐，还将成为人们访问以改善生活的有用中心，无论是想学习烹饪还是想关注特定类型的新闻。这种方法在长期内可能会在提高参与度方面带来重大变化。</p>
</div><p>Meta's AI efforts are already showing up in its financial results. The company generated a record $56.3 billion in revenue during the first quarter of 2026 (ended March 31), up 33% from the year-ago period. That growth rate rapidly accelerated from 24% in the fourth quarter of 2025, just three months earlier.</p>
<div class="lb-trans"><p>Meta 的 AI 努力已经在其财务结果中显现。该公司在 2026 年第一季度（截至 3 月 31 日）创下了 563 亿美元的收入，较去年同期增长 33%。这一增长率从 2025 年第四季度的 24% 迅速加速，仅仅三个月前。</p>
</div><h2>A move into cloud computing could be lucrative, but there is one concern</h2>
<div class="lb-trans"><h2>进入云计算可能会带来丰厚的利润，但有一个担忧</h2>
</div><p>Meta developed a family of open-source large language models (LLMs) called Llama, which are at the foundation of most of its AI initiatives. Building LLMs from scratch isn't cheap, nor is constantly improving them to stay ahead of the competition, which is why Meta's capital expenditures (capex) topped $72 billion last year. Most of the money went toward AI data center infrastructure, including chips and components.</p>
<div class="lb-trans"><p>Meta 开发了一系列开源的大型语言模型（LLMs），称为 Llama，这些模型是其大多数 AI 项目的基础。从零开始构建 LLMs 并不便宜，持续改进它们以保持竞争优势也同样如此，这就是为什么 Meta 去年的资本支出（capex）超过 720 亿美元。大部分资金用于 AI 数据中心基础设施，包括芯片和组件。</p>
</div><p>According to management's most recent guidance, that capex figure could more than double to $145 billion during 2026. As the recent Bloomberg report suggests, Meta plans to rent out some of its spare computing capacity to other developers, which will unlock a new revenue stream.</p>
<div class="lb-trans"><p>根据管理层最近的指导，该资本支出数字可能在 2026 年翻倍，达到 1450 亿美元。正如最近的彭博社报道所暗示的，Meta 计划将其部分闲置的计算能力租赁给其他开发者，这将开启新的收入来源。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01FVEEucG5nJnc9MTI4" alt="Meta Platforms Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FMETA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: META</h2>
<div class="lb-trans"><h2>NASDAQ: META</h2>
</div><p>Meta Platforms</p>
<div class="lb-trans"><p>Meta Platforms</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(3.12%) $18.19</p>
<div class="lb-trans"><p>(3.12%) $18.19</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$601.09</p>
<div class="lb-trans"><p>$601.09</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$1.5TMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.</p>
<div class="lb-trans"><p>$1.5T 市值仅根据公开交易的流通股计算。不包括未上市、私有或双重类别非交易股份。隐含市值可能有所不同。市值仅根据公开交易的流通股计算。不包括未上市、私有或双重类别非交易股份。隐含市值可能有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$581.79 - $603.50</p>
<div class="lb-trans"><p>$581.79 - $603.50</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$520.26 - $796.25</p>
<div class="lb-trans"><p>$520.26 - $796.25</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>2.1K</p>
<div class="lb-trans"><p>2.1K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>17.3M</p>
<div class="lb-trans"><p>17.3M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>81.94%</p>
<div class="lb-trans"><p>81.94%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.35%</p>
<div class="lb-trans"><p>0.35%</p>
</div><p>Meta probably won't compete with other cloud providers, such as <strong>Amazon</strong> Web Services and <strong>Microsoft</strong> Azure, because they offer hundreds of services outside the AI space to help their customers thrive in the digital age. Instead, Meta will probably target the neoclouds such as <strong>CoreWeave</strong> and <strong>Nebius</strong>, which offer their customers a very narrow set of tools to help them develop AI software.</p>
<div class="lb-trans"><p>Meta 可能不会与其他 云服务提供商 竞争，如 <strong>亚马逊</strong> 网络服务和 <strong>微软</strong>Azure，因为它们提供数百种超出 AI 领域的服务，以帮助客户在数字时代蓬勃发展。相反，Meta 可能会针对像 <strong>CoreWeave</strong> 和 <strong>Nebius</strong> 这样的新云服务，它们为客户提供一套非常狭窄的工具，以帮助他们开发 AI 软件。</p>
</div><p>Tapping into a new source of revenue can only lead to growth, which is great news. SpaceX could bring in more than $2 billion in revenue per month from the two deals it recently signed to rent computing capacity to Anthropic and <strong>Alphabet</strong>, so this business model is unquestionably lucrative.</p>
<div class="lb-trans"><p>开辟新的收入来源只会导致增长，这无疑是个好消息。SpaceX 可能会通过最近签署的两项协议，每月从租赁计算能力给 Anthropic 和 <strong>Alphabet</strong> 中获得超过 20 亿美元的收入，因此这一商业模式无疑是有利可图的。</p>
</div><p>However, I'm wondering why Meta has spare AI capacity in the first place. The AI industry is grappling with a severe shortage of chips and components because there supposedly isn't enough computing power to go around, so it's perplexing that the likes of Meta and SpaceX would willingly rent some of their data centers to other developers. It sounds as if these companies are <em>overbuilding</em>, in my opinion, potentially leading to a crash in the price of computing capacity.</p>
<div class="lb-trans"><p>然而，我在想 Meta 为什么会有闲置的 AI 能力。AI 行业正面临严重的芯片和组件短缺，因为据说计算能力不足，因此像 Meta 和 SpaceX 这样的公司愿意将其部分数据中心租赁给其他开发者，这让人感到困惑。在我看来，这似乎是这些公司在_过度建设_，可能导致计算能力价格的崩溃。</p>
</div><h2>Meta stock looks like a bargain right now</h2>
<div class="lb-trans"><h2>目前 Meta 股票看起来很便宜</h2>
</div><p>While there are some clear risks for Meta to enter the cloud business, investors are getting a very attractive price for its stock right now. It's trading at a price-to-earnings (P/E) ratio of just 21.2, a 25% discount to its 10-year average of 28.4.</p>
<div class="lb-trans"><p>虽然 Meta 进入云业务存在一些明显的风险，但投资者目前以非常有吸引力的价格购买其股票。其市盈率仅为 21.2，比 10 年平均值 28.4 低 25%。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>META PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>META PE Ratio 数据来自 YCharts。</p>
</div><p>Meta is also significantly cheaper than the <strong>Nasdaq-100</strong> index, which has a P/E ratio of 35.2, so it appears to be heavily undervalued next to a basket of its big-tech peers. As a result, I think it could be a solid long-term buy right now, no matter what happens with its potential cloud business.</p>
<div class="lb-trans"><p>Meta 的估值也显著低于 <strong>纳斯达克 100</strong> 指数，其市盈率为 35.2，因此与一篮子大型科技公司相比，Meta 显得被严重低估。因此，我认为无论其潜在的云业务如何发展，现在都是一个不错的长期投资机会。</p>
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Is Meta Platforms About to Follow in the Footsteps of Elon Musk's SpaceX?

- SpaceX 与 Meta Platforms 计划出租 AI 数据中心，可能带来丰厚收益。  
- Meta 利用 AI 提升广告效益，2026 年第一季度营收同比增 33%。  
- 该股目前 P/E 比率低，显示出投资吸引力。

Meta Platforms 是否即将效仿埃隆·马斯克的 SpaceX？