<p>作者：Emily Bary</p>
<p>Meta 的首席營收官在華爾街對人工智能投資回報的關注加劇之際離職。</p>
<p>Meta 的股票面臨抹去年初至今所有漲幅的風險。</p>
<p>隨着 Meta Platforms 加大努力從人工智能中獲利，將會有新的領導層負責營收生成活動。</p>
<p>Meta（META）資深員工約翰·赫根曼（John Hegeman）最近擔任首席營收官，計劃離開公司並創辦一家新公司。他在週二的 Facebook 帖子中宣佈這一決定時表示：“Meta 的業務比以往任何時候都強大，公司在人工智能驅動的未來中處於非常有利的位置。”</p>
<p>Meta 的一位發言人確認了這一變動。</p>
<p>赫根曼的帖子表示，安德魯·博金（Andrew Bocking）將成為廣告和商業消息的產品組負責人，他曾領導 Meta 的廣告產品和戰略團隊。娜奧米·格萊特（Naomi Gleit）將負責商業人工智能和其他新的貨幣化努力。彭博新聞稱，她是除了首席執行官馬克·扎克伯格（Mark Zuckerberg）之外 “在 Meta 工作時間最長的員工”。</p>
<p>另見：這 13 只科技股利潤快速增長——而且仍在打折中。</p>
<p>Meta 在將平台轉變為現金機器方面取得了成功。早在 2012 年，當母公司仍稱為 Facebook 時，它以約 10 億美元收購了 Instagram。這筆收購為 Meta 帶來了豐厚的回報，Meta 也成功應對了向新內容形式（如 Reels）的過渡，儘管這些形式最初對收入造成了拖累。</p>
<p>其他舉措的顯現速度較慢。最近，Meta 試圖通過為企業提供付費服務來實現 WhatsApp 的貨幣化，但在收購該平台十多年後，Meta 仍未看到其帶來巨大的收入貢獻。</p>
<p>現在，焦點轉向人工智能，Meta 正在向其大型語言模型和廣告工具投入資金。投資者在等待 Meta 所有人工智能支出的回報時變得越來越不耐煩。預計今年的總支出可能達到 1180 億美元，比去年增長 24%，儘管該估計還包括人工智能以外的支出。</p>
<p>儘管德意志銀行分析師本傑明·布萊克（Benjamin Black）對 Meta 快速增長的廣告業務持樂觀態度，但他在最近的一份報告中承認，“有人會爭辯説，Meta 尚未從這一增長投資週期中擴展出任何真正有形的新產品。”</p>
<p>支出擔憂對 Meta 的股票造成了壓力，股票面臨抹去 2025 年漲幅的危險。根據道瓊斯市場數據，在 8 月份股票達到峯值收盤時，年初至今上漲約 35%。現在，Meta 的年初至今漲幅已縮小至僅約 2%。</p>
<p>另見：隨着人工智能交易的退潮，另外兩隻 “壯麗七俠” 股票現在處於修正區間。</p>
<p>“我們對 Meta 短期前景的悲觀核心觀點是，Meta 加大投資週期不會產生足夠強勁的回報，” MoffettNathanson 分析師邁克爾·納森森（Michael Nathanson）在週二 CRO 新聞發佈前寫道。他指出，Meta 的資本支出與收入的比率在 2026 年可能達到 47%，而微軟（MSFT）預計為 29%，Alphabet（GOOG）（GOOGL）為 26%，亞馬遜（AMZN）為 16%。</p>
<p>納森森寫道：“雖然微軟、Alphabet 和亞馬遜都可以將其雲平台作為直接、可擴展的貨幣化渠道來支持其人工智能資本支出，但 Meta 缺乏類似的、連貫的直接貨幣化路徑。”</p>
<p>在沒有云業務的情況下，Meta 專注於圍繞超級智能（Superintelligence）創建業務，扎克伯格表示，這指的是 “自動化所有有價值的工作”，以便人們可以花 “更多時間在創造力、文化、關係和享受生活上。”</p>
<p>Needham 的勞拉·馬丁（Laura Martin）也強調了 Meta 缺乏雲業務使其處於相對劣勢，因為競爭對手可以 “產生部分抵消其生成性人工智能投資的增量收入。” 相反，生成性人工智能 “對 Meta 來説主要是增量成本，” 她在週二早些時候寫道。</p>
<p>不要錯過：Meta 的股票是新的 “壯麗七俠” 墊腳石。你應該趁機買入嗎？</p>
<p>-Emily Bary</p>
<p>本文由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>11-18-25 2109ET</p>

META

<p>Meta 的股票一直承受着巨大的壓力。現在公司正在經歷一場變革</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>Meta's chief revenue officer is leaving at a time when Wall Street has become more concerned about the return on AI investments</p>
<div class="lb-trans"><p>Meta 的首席營收官在華爾街對人工智能投資回報的關注加劇之際離職。</p>
</div><p>Meta's stock is at risk of wiping out all its year-to-date gains.</p>
<div class="lb-trans"><p>Meta 的股票面臨抹去年初至今所有漲幅的風險。</p>
</div><p>As Meta Platforms steps up its efforts to make money off of artificial intelligence, it will have new leadership in charge of revenue-generating activities.</p>
<div class="lb-trans"><p>隨着 Meta Platforms 加大努力從人工智能中獲利，將會有新的領導層負責營收生成活動。</p>
</div><p>John Hegeman, a Meta (META) veteran who most recently served as chief revenue officer, plans to leave the company and start a new one. &#34;Meta's business is as strong as it has ever been, and the company is very well-positioned for an AI-powered future,&#34; he said in a Tuesday Facebook post announcing the move.</p>
<div class="lb-trans"><p>Meta（META）資深員工約翰·赫根曼（John Hegeman）最近擔任首席營收官，計劃離開公司並創辦一家新公司。他在週二的 Facebook 帖子中宣佈這一決定時表示：“Meta 的業務比以往任何時候都強大，公司在人工智能驅動的未來中處於非常有利的位置。”</p>
</div><p>A Meta spokesperson confirmed the change.</p>
<div class="lb-trans"><p>Meta 的一位發言人確認了這一變動。</p>
</div><p>Hegeman's post said that Andrew Bocking, who has led Meta's advertising product and strategy team, will become the product group lead for ads and business messaging. Naomi Gleit will lead business AI and other new monetization efforts. Bloomberg News said she was &#34;the longest-tenured Meta employee&#34; besides CEO Mark Zuckerberg.</p>
<div class="lb-trans"><p>赫根曼的帖子表示，安德魯·博金（Andrew Bocking）將成為廣告和商業消息的產品組負責人，他曾領導 Meta 的廣告產品和戰略團隊。娜奧米·格萊特（Naomi Gleit）將負責商業人工智能和其他新的貨幣化努力。彭博新聞稱，她是除了首席執行官馬克·扎克伯格（Mark Zuckerberg）之外 “在 Meta 工作時間最長的員工”。</p>
</div><p>See also: These 13 tech stocks have grown profits rapidly - and they're still on sale</p>
<div class="lb-trans"><p>另見：這 13 只科技股利潤快速增長——而且仍在打折中。</p>
</div><p>Meta has been successful in turning platforms into cash machines. Back in 2012 when the parent company was still called Facebook, it acquired Instagram for about $1 billion. That purchase has paid off big time for Meta, which has also navigated the transition to new content forms, like Reels, that were initially a drag on revenue.</p>
<div class="lb-trans"><p>Meta 在將平台轉變為現金機器方面取得了成功。早在 2012 年，當母公司仍稱為 Facebook 時，它以約 10 億美元收購了 Instagram。這筆收購為 Meta 帶來了豐厚的回報，Meta 也成功應對了向新內容形式（如 Reels）的過渡，儘管這些形式最初對收入造成了拖累。</p>
</div><p>Other initiatives have been slower to manifest. Recently Meta has been trying to monetize WhatsApp through paid offerings for businesses, but more than a decade after acquiring the platform, Meta still isn't seeing huge revenue contributions from it.</p>
<div class="lb-trans"><p>其他舉措的顯現速度較慢。最近，Meta 試圖通過為企業提供付費服務來實現 WhatsApp 的貨幣化，但在收購該平台十多年後，Meta 仍未看到其帶來巨大的收入貢獻。</p>
</div><p>And now the focus has turned to artificial intelligence, where Meta is pouring money into its large language models and tools for advertisers. Investors have grown more impatient as they wait to see the returns on all all of Meta's AI spending. Total expenditures could amount to $118 billion this year, up 24% from a year before, though that estimate also includes things besides AI.</p>
<div class="lb-trans"><p>現在，焦點轉向人工智能，Meta 正在向其大型語言模型和廣告工具投入資金。投資者在等待 Meta 所有人工智能支出的回報時變得越來越不耐煩。預計今年的總支出可能達到 1180 億美元，比去年增長 24%，儘管該估計還包括人工智能以外的支出。</p>
</div><p>While Deutsche Bank analyst Benjamin Black is upbeat about Meta's fast-growing advertising business, &#34;some will argue that Meta has yet to scale any real tangible...new products from this growing investment cycle,&#34; he acknowledged in a recent note.</p>
<div class="lb-trans"><p>儘管德意志銀行分析師本傑明·布萊克（Benjamin Black）對 Meta 快速增長的廣告業務持樂觀態度，但他在最近的一份報告中承認，“有人會爭辯説，Meta 尚未從這一增長投資週期中擴展出任何真正有形的新產品。”</p>
</div><p>The spending concerns have weighed on Meta's shares, which are in danger of wiping out their 2025 gains. At the stock's peak close in August, it was up about 35% on the year, according to Dow Jones Market Data. Now Meta's year-to-date gains have narrowed to just about 2%.</p>
<div class="lb-trans"><p>支出擔憂對 Meta 的股票造成了壓力，股票面臨抹去 2025 年漲幅的危險。根據道瓊斯市場數據，在 8 月份股票達到峯值收盤時，年初至今上漲約 35%。現在，Meta 的年初至今漲幅已縮小至僅約 2%。</p>
</div><p>See also: Two more 'Magnificent Seven' stocks are now in correction territory as the AI trade unwinds</p>
<div class="lb-trans"><p>另見：隨着人工智能交易的退潮，另外兩隻 “壯麗七俠” 股票現在處於修正區間。</p>
</div><p>&#34;At the core of our dour near-term thesis is the view that Meta's stepped-up investment cycle will not generate sufficiently strong returns,&#34; MoffettNathanson analyst Michael Nathanson wrote Tuesday, ahead of the CRO news. He noted that Meta's ratio of capital expenditures to revenue could hit 47% in 2026, versus an estimated 29% for Microsoft (MSFT), 26% for Alphabet (GOOG) (GOOGL) and 16% for Amazon (AMZN).</p>
<div class="lb-trans"><p>“我們對 Meta 短期前景的悲觀核心觀點是，Meta 加大投資週期不會產生足夠強勁的回報，” MoffettNathanson 分析師邁克爾·納森森（Michael Nathanson）在週二 CRO 新聞發佈前寫道。他指出，Meta 的資本支出與收入的比率在 2026 年可能達到 47%，而微軟（MSFT）預計為 29%，Alphabet（GOOG）（GOOGL）為 26%，亞馬遜（AMZN）為 16%。</p>
</div><p>Nathanson wrote that &#34;while Microsoft, Alphabet and Amazon can all point to their cloud platforms as direct, scalable monetization channels for their AI capex, Meta lacks a comparable, coherent pathway for monetizing [generative AI] directly.&#34;</p>
<div class="lb-trans"><p>納森森寫道：“雖然微軟、Alphabet 和亞馬遜都可以將其雲平台作為直接、可擴展的貨幣化渠道來支持其人工智能資本支出，但 Meta 缺乏類似的、連貫的直接貨幣化路徑。”</p>
</div><p>In the absence of a cloud business, Meta has focused on creating a business around Superintelligence, which Zuckerberg says refers to the process of &#34;automating all valuable work&#34; so that people can spend &#34;more time on creativity, culture, relationships and enjoying life.&#34;</p>
<div class="lb-trans"><p>在沒有云業務的情況下，Meta 專注於圍繞超級智能（Superintelligence）創建業務，扎克伯格表示，這指的是 “自動化所有有價值的工作”，以便人們可以花 “更多時間在創造力、文化、關係和享受生活上。”</p>
</div><p>Needham's Laura Martin also emphasized how Meta's lack of a cloud business puts it at a relative disadvantage, as rivals can &#34;generate incremental revenues that partially offset their [generative AI] investments.&#34; Conversely, generative AI &#34;is primarily an incremental cost to Meta,&#34; she wrote earlier Tuesday.</p>
<div class="lb-trans"><p>Needham 的勞拉·馬丁（Laura Martin）也強調了 Meta 缺乏雲業務使其處於相對劣勢，因為競爭對手可以 “產生部分抵消其生成性人工智能投資的增量收入。” 相反，生成性人工智能 “對 Meta 來説主要是增量成本，” 她在週二早些時候寫道。</p>
</div><p>Don't miss: Meta's stock is the new 'Magnificent Seven' doormat. Should you buy the dip?</p>
<div class="lb-trans"><p>不要錯過：Meta 的股票是新的 “壯麗七俠” 墊腳石。你應該趁機買入嗎？</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>11-18-25 2109ET</p>
<div class="lb-trans"><p>11-18-25 2109ET</p>
</div>

Meta's stock has been under heavy pressure. Now the company is undergoing a shakeup.

- Meta 首席營收官約翰·赫根曼將離職，計劃創辦新公司。  
- Meta 在人工智能投資上面臨回報壓力，股價風險加大。  
- 投資者對 Meta 的 AI 支出回報感到不滿，股價年初至今漲幅縮小至約 2%。

Meta Platforms 的股票一直面臨巨大壓力。目前，公司正在進行重組