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← @tj_research

$META

BEARISH2026-07-29
Price around the call
↓ 2026-07-29
By horizon✗ miss+3.5%
1d
✗ +2.6%
5d
✗ +5.8%
21d
✗ +3.5%
Original post
投资TALK君 · 2026-07-29

$META 财报,先说盘后下跌,我认为合理,主要是利润率下降了很多了,因为运营开支增速太快,财报里特别提到了三方TOKEN,说明CODING烧了很多钱,但这方面应该i会有所改善。 市场担心的点:模型有优势吗?开源追上来之后还有必要开发你不算领先的模型吗?你们的模型是注重低端还是高端市场?我理解市场一直在惩罚META前期的乱花钱,小扎也做出了一些妥协:比如把算力放到自身业务上,比如直接卖算力等等,减轻前期投资ROI的一些疑虑 往未来去看,我认为META如果能做出来,有很好的一席之地,个人AI智能体,也是小扎这次财报强调的,有点和B2B业务类似,他们有C端的派发,我认为未来个人AGENT落地极有可能在META, AAPL, GOOG身上,这个市场可太大了。我认为META有未来,1年内会受利润率下降影响

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