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taishiro
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For a company whose economic engine remains overwhelmingly advertising, every incremental dollar of AI infrastructure is a bet that better recommendations, Muse agents, and engagement will eventually expand ad margins enough to cover the depreciation, energy costs, and opportunity cost.
Microsoft, Google, and Amazon can directly monetize compute through their cloud businesses.
$META cannot.
市场正确解读了信号:仅靠内部现金流已不再足够。
这不是抽象的长期投资,而是一种结构性转变。近几个季度,资本支出已超过收入的一半。
#MetaAISpendingConcerns


