<p>自從 OpenAI 於 2022 年 11 月 30 日向全球發佈 ChatGPT 以來，半導體巨頭 <strong>Nvidia</strong>（NVDA 1.74%）的股價已上漲 818%（截至 6 月 26 日）。換句話説，在過去兩年半的時間裏，Nvidia 的市值從 3450 億美元飆升至 3.8 萬億美元，使其成為全球市值最大的公司。</p>
<p>一些投資者已經開始思考在人工智能（AI）革命中下一個突破性候選者會是誰，跡象指向另一家芯片股票——也許是 <strong>Advanced Micro Devices</strong>？<strong>Broadcom</strong> 或 <strong>Taiwan Semiconductor Manufacturing</strong> 呢？雖然這些公司都將從未來幾年不斷增長的 AI 基礎設施支出中受益，但我認為還有另一家企業更有可能成為 “下一個 Nvidia”。</p>
<p>你看，<strong>Meta Platforms</strong>（META 1.04%）在過去幾年中一直在投資 AI，而它正在開發的技術可能會改變 Meta 的社交媒體帝國，並使其股票在競爭中獲得更大的收益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMwNDMvZ2V0dHlpbWFnZXMtMTMwMjgwMTY2OC01LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMwNDMvZ2V0dHlpbWFnZXMtMTMwMjgwMTY2OC01LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>AI 如何改變 Meta 的生態系統？</h2>
<p>Meta 在兩個核心領域運營：廣告和 Reality Labs。</p>
<p>Reality Labs 代表了 Meta 的元宇宙雄心，包括虛擬現實互動、遊戲和消費可穿戴設備。雖然 Reality Labs 將從 AI 中受益，但該部門仍處於虧損狀態，更像是一個長期願景，旨在將 Meta 轉變為超越社交媒體平台的存在。</p>
<p>Meta 的主要收入和利潤來源於廣告——具體來説，是出現在公司社交媒體平台上的廣告：Facebook、Instagram 和 WhatsApp。正是這個業務領域因 AI 的強大而面臨顛覆的機會。</p>
<p>如果你曾經在 Meta 的任何社交媒體應用上滾動瀏覽， chances are 你已經被一系列廣告轟炸。然而，這些廣告中有多少實際上吸引了你？</p>
<p>儘管 Meta 的用户算法在過去已經相當複雜，但我猜想你仍然會收到一些與你興趣不高的內容、商品和服務的帖子或通知。然而，通過利用 AI，Meta 可以改善與用户參與和消費者行為相關的數據工作負載。因此，公司可以改善其預測分析，更好地為用户提供更相關和定製的列表。</p>
<p>反過來，廣告商可能會表現得有些不可預測，並展現出週期性的預算策略，他們將更傾向於在 Meta 的各個平台上分配資金。通過讓廣告商更緊密地依附於生態系統，Meta 有機會在競爭中施加定價權，並加速其收入增長。同時，改善用户的廣告投放也可以從成本結構的角度幫助 Meta——因為點擊和客户獲取的單位經濟學應該會隨着時間的推移而降低。</p>
<p>收入加速增長和成本降低的結合可能會在長期內為 Meta 帶來顯著的利潤率擴張。</p>
<h2>這對 Meta 的估值意味着什麼？</h2>
<p>自 ChatGPT 發佈以來，Meta 的股價已上漲超過 500%。我提到這一點是為了明確 Meta 在過去幾年中也受益於樂觀的 AI 交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/71cae0354f1cd3637ada71f1029468cc.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/71cae0354f1cd3637ada71f1029468cc.png"/></p>
<p>數據來源：YCharts。</p>
<p>然而，除了在 2023 年上半年出現的顯著波動外，Meta 的市盈率（P/E）倍數在過去 18 個月左右保持相對穩定。</p>
<p>這些動態暗示了幾個想法。首先，Meta 的市盈率相對正常化可能意味着投資者認為公司的盈利狀況正在成熟。此外，儘管 28 倍的市盈率並不算便宜，但這一估值顯然是基於之前水平的顯著折扣。</p>
<p>隨着 AI 在其生態系統中越來越多地被整合，Meta 正在為盈利能力的顯著提升做好準備。因此，Meta 的估值倍數在未來幾年可能會擴大，因為公司的 “Nvidia 時刻” 即將到來。這表明公司從當前水平有顯著的上行空間。</p>
<h2>現在 Meta 股票值得買嗎？</h2>
<p>我認為在大型 AI 股票中，Meta 是一個毫無疑問的選擇。上述的估值分析表明，儘管在 AI 革命中已經獲得了豐厚的回報，Meta 股票仍然以合理的價格交易。此外，我認為公司仍處於 AI 發展的早期階段，投資者尚未看到這些投資在長期內可能為 Meta 帶來的全部潛力。</p>

META

<p>Meta Platforms 正在被視為 AI 領域中 Nvidia 的潛在接班人，正在進行大量的 AI 投資，這可能會增強其廣告和現實實驗室部門。通過利用 AI，Meta 旨在改善用户參與度和預測分析，這可能會導致廣告收入的增加和成本的降低。儘管自 ChatGPT 發佈以來，股價上漲了 500%，但 Meta 的估值仍然具有吸引力，暗示隨着 AI 整合的推進，進一步增長的潛力。分析師將 Meta 視為大型 AI 股票類別中的強力買入</p>

<p>Since OpenAI released ChatGPT to the world on Nov. 30, 2022, shares of semiconductor powerhouse <strong>Nvidia</strong>(NVDA 1.74%) have risen by 818% (as of June 26). To put that another way, over the last two and a half years, Nvidia's market capitalization went from $345 billion to $3.8 trillion. making it the largest company in the world as measured by market cap.</p>
<div class="lb-trans"><p>自從 OpenAI 於 2022 年 11 月 30 日向全球發佈 ChatGPT 以來，半導體巨頭 <strong>Nvidia</strong>（NVDA 1.74%）的股價已上漲 818%（截至 6 月 26 日）。換句話説，在過去兩年半的時間裏，Nvidia 的市值從 3450 億美元飆升至 3.8 萬億美元，使其成為全球市值最大的公司。</p>
</div><p>Some investors are already thinking about who the next breakout candidate in the artificial intelligence (AI) revolution will be, with signs pointing to another chip stock -- perhaps <strong>Advanced Micro Devices</strong>? What about <strong>Broadcom</strong> or <strong>Taiwan Semiconductor Manufacturing</strong>? While each of these companies stands to benefit from rising AI infrastructure spend over the next several years, I see another business that is better positioned as &#34;the next Nvidia.&#34;</p>
<div class="lb-trans"><p>一些投資者已經開始思考在人工智能（AI）革命中下一個突破性候選者會是誰，跡象指向另一家芯片股票——也許是 <strong>Advanced Micro Devices</strong>？<strong>Broadcom</strong> 或 <strong>Taiwan Semiconductor Manufacturing</strong> 呢？雖然這些公司都將從未來幾年不斷增長的 AI 基礎設施支出中受益，但我認為還有另一家企業更有可能成為 “下一個 Nvidia”。</p>
</div><p>You see, <strong>Meta Platforms</strong>(META 1.04%) has been investing in AI over the last couple of years, and the technologies it's developing could transform Meta's social media empire and position the stock for superior gains over the competition.</p>
<div class="lb-trans"><p>你看，<strong>Meta Platforms</strong>（META 1.04%）在過去幾年中一直在投資 AI，而它正在開發的技術可能會改變 Meta 的社交媒體帝國，並使其股票在競爭中獲得更大的收益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMwNDMvZ2V0dHlpbWFnZXMtMTMwMjgwMTY2OC01LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823043%2Fgettyimages-1302801668-5.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>How can AI transform Meta's ecosystem?</h2>
<div class="lb-trans"><h2>AI 如何改變 Meta 的生態系統？</h2>
</div><p>Meta operates across two core segments: advertising and Reality Labs.</p>
<div class="lb-trans"><p>Meta 在兩個核心領域運營：廣告和 Reality Labs。</p>
</div><p>Reality Labs represents Meta's metaverse ambitions, which include virtual reality interactions, gaming, and consumer wearables. While Reality Labs stands to benefit from AI, this segment of the company remains unprofitable and is more of a longer-term vision to turn Meta into something beyond just a social media platform.</p>
<div class="lb-trans"><p>Reality Labs 代表了 Meta 的元宇宙雄心，包括虛擬現實互動、遊戲和消費可穿戴設備。雖然 Reality Labs 將從 AI 中受益，但該部門仍處於虧損狀態，更像是一個長期願景，旨在將 Meta 轉變為超越社交媒體平台的存在。</p>
</div><p>The main source of revenue and profits for Meta comes from advertising -- specifically, ads that appear across the company's social media platforms: Facebook, Instagram, and WhatsApp. It's this area of the business that is ripe for disruption thanks to the power of AI.</p>
<div class="lb-trans"><p>Meta 的主要收入和利潤來源於廣告——具體來説，是出現在公司社交媒體平台上的廣告：Facebook、Instagram 和 WhatsApp。正是這個業務領域因 AI 的強大而面臨顛覆的機會。</p>
</div><p>If you have ever scrolled on any of Meta's social media apps, chances are that you've been bombarded with a series of advertisements. However, how many of those ads actually appealed to you?</p>
<div class="lb-trans"><p>如果你曾經在 Meta 的任何社交媒體應用上滾動瀏覽， chances are 你已經被一系列廣告轟炸。然而，這些廣告中有多少實際上吸引了你？</p>
</div><p>As sophisticated as Meta's user algorithms have been in the past, my hunch is that you still receive postings or notifications for content, goods, and services that aren't of high interest to you. By leveraging AI, however, Meta can improve its data workloads as it relates to user engagement and consumer behaviors. As a result, the company can improve its predictive analytics to better position more relevant and customized listings for its users.</p>
<div class="lb-trans"><p>儘管 Meta 的用户算法在過去已經相當複雜，但我猜想你仍然會收到一些與你興趣不高的內容、商品和服務的帖子或通知。然而，通過利用 AI，Meta 可以改善與用户參與和消費者行為相關的數據工作負載。因此，公司可以改善其預測分析，更好地為用户提供更相關和定製的列表。</p>
</div><p>In turn, advertisers, which can be somewhat unpredictable and exhibit cyclical budgeting strategies, will be more inclined to allocate funds across Meta's various platforms. By keeping advertisers sticky to the ecosystem, Meta has an opportunity to employ pricing power over the competition and accelerate its revenue growth. At the same time, improving ad feeds for its users can also help Meta from a cost structure perspective -- as the unit economics on clicks and customer acquisition should become lower over time.</p>
<div class="lb-trans"><p>反過來，廣告商可能會表現得有些不可預測，並展現出週期性的預算策略，他們將更傾向於在 Meta 的各個平台上分配資金。通過讓廣告商更緊密地依附於生態系統，Meta 有機會在競爭中施加定價權，並加速其收入增長。同時，改善用户的廣告投放也可以從成本結構的角度幫助 Meta——因為點擊和客户獲取的單位經濟學應該會隨着時間的推移而降低。</p>
</div><p>The combination of accelerating revenue and lower costs could result in meaningful profit margin expansion for Meta in the long run.</p>
<div class="lb-trans"><p>收入加速增長和成本降低的結合可能會在長期內為 Meta 帶來顯著的利潤率擴張。</p>
</div><h2>What could this mean for Meta's valuation?</h2>
<div class="lb-trans"><h2>這對 Meta 的估值意味着什麼？</h2>
</div><p>Since ChatGPT's release, the share prices of Meta have gained more than 500%. I bring this up to make it clear that Meta has also benefited from the bullish AI trade over the last couple of years.</p>
<div class="lb-trans"><p>自 ChatGPT 發佈以來，Meta 的股價已上漲超過 500%。我提到這一點是為了明確 Meta 在過去幾年中也受益於樂觀的 AI 交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/71cae0354f1cd3637ada71f1029468cc.png" alt="" original-src="https://media.ycharts.com/charts/71cae0354f1cd3637ada71f1029468cc.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>However, except for a notable spike during the first half of 2023, Meta's price-to-earnings (P/E) multiple has remained fairly consistent over the last 18 months or so.</p>
<div class="lb-trans"><p>然而，除了在 2023 年上半年出現的顯著波動外，Meta 的市盈率（P/E）倍數在過去 18 個月左右保持相對穩定。</p>
</div><p>These dynamics suggest a couple of ideas. First, the relative normalization in Meta's P/E could imply that investors think the company's earnings profile is maturing. In addition, while a P/E of 28 isn't exactly dirt cheap, this valuation is clearly a steep discount based on prior levels.</p>
<div class="lb-trans"><p>這些動態暗示了幾個想法。首先，Meta 的市盈率相對正常化可能意味着投資者認為公司的盈利狀況正在成熟。此外，儘管 28 倍的市盈率並不算便宜，但這一估值顯然是基於之前水平的顯著折扣。</p>
</div><p>Meta is positioning itself for a meaningful boost in profitability as AI becomes more integrated throughout its ecosystem. For this reason, Meta's valuation multiples could expand in the coming years as the company's &#34;Nvidia moment&#34; comes into focus. That suggests the company has meaningful upside from current levels.</p>
<div class="lb-trans"><p>隨着 AI 在其生態系統中越來越多地被整合，Meta 正在為盈利能力的顯著提升做好準備。因此，Meta 的估值倍數在未來幾年可能會擴大，因為公司的 “Nvidia 時刻” 即將到來。這表明公司從當前水平有顯著的上行空間。</p>
</div><h2>Is Meta stock a buy right now?</h2>
<div class="lb-trans"><h2>現在 Meta 股票值得買嗎？</h2>
</div><p>I think Meta is a no-brainer when it comes to megacap AI stocks. The valuation analysis explored above suggests that Meta stock still trades at a reasonable price point despite an already generous return throughout the AI revolution. Moreover, I think the company is still in the early stages of its AI development, and investors have yet to see the full potential these investments could yield for Meta in the long run.</p>
<div class="lb-trans"><p>我認為在大型 AI 股票中，Meta 是一個毫無疑問的選擇。上述的估值分析表明，儘管在 AI 革命中已經獲得了豐厚的回報，Meta 股票仍然以合理的價格交易。此外，我認為公司仍處於 AI 發展的早期階段，投資者尚未看到這些投資在長期內可能為 Meta 帶來的全部潛力。</p>
</div>

Prediction: This Artificial Intelligence (AI) Stock Could Be the Next Nvidia -- and It's Not What You Think

- 自 ChatGPT 發佈以來，Nvidia 股價上漲 818%，市值達 3.8 萬億美元。  
- Meta 正在投資 AI，可能會提升廣告業務的相關性和盈利能力。  
- Meta 股價已上漲 500%，未來有望實現更高的盈利增長。  

預測：這隻人工智能（AI）股票可能成為下一個英偉達——但它並不是你所想的那隻股票