Meta Platforms(US:META) 财联社·2025-10-31 03:07Core Viewpoint - Meta's stock experienced a significant sell-off due to the company's third upward revision of capital expenditure expectations for the year, raising concerns among analysts about uncontrolled spending on artificial intelligence [1][4]. Financial Performance - Meta's capital expenditure for 2025 is now projected to be between $70 billion and $72 billion, up from a previous range of $66 billion to $72 billion [4]. - The company reported a substantial single-day market value loss of $214.7 billion (approximately 1.53 trillion RMB), marking the largest drop in three years [1]. Investor Sentiment - Despite reporting over $60 billion in annualized revenue from AI advertising tools, investor concerns about potential over-expenditure remain high [5][6]. - Analysts have drawn parallels between Meta's current spending plans and previous unprofitable investments in the metaverse, which led to a significant stock price drop in late 2022 [7][12]. Analyst Reactions - Multiple investment banks have downgraded Meta's target stock prices, with Bank of America lowering its target from $900 to $810 while maintaining a "buy" rating [9][11]. - Oppenheimer has compared Meta's aggressive AI spending to its earlier high-cost, low-return projects, indicating a lack of clarity in revenue prospects [12]. Competitive Landscape - Analysts express skepticism about the financial returns from Meta's AI investments, particularly in comparison to competitors like OpenAI, Google, and Tesla, which have similar capital scales [13].