Meta第三季度财报显示，第三季度净利润从去年同期的156.9亿美元骤降至27.1亿美元，跌幅达83%，主 要原因是美国税改法案带来的159.3亿美元一次性非现金税收支出。 扣除一次性税费影响后，每股收益为7.25美元，净利润为186.4亿美元，营收512.4亿美元，同比增长 26%，实际表现超预期。日活跃用户达35.4亿，同比增长8%；广告展示量增长14%，广告单价上涨 10%，核心广告业务依然强劲。 预计2026年资本支出将显著超过2025年的700亿-720亿美元，可能达到800亿-850亿美元甚至更高；2026 年总费用增速也将明显快于2025年的22%-24%。资本支出大幅增加主要用于基础设施建设，包括自建和 云服务采购，以满足超预期的AI算力需求。 ...

Core Insights - Meta Platforms is exploring the use of Google's AI models to enhance its advertising business, indicating challenges in its own AI development efforts [2][3] - The advertising business is central to Meta's revenue, which amounts to $164.5 billion, and the company views AI investment as a key growth opportunity [3] - Meta's interest in Google's technology may be a temporary solution while it develops its own Llama large model through its newly established superintelligence lab [4] Group 1 - Meta employees have discussed fine-tuning advertising data using Google's Gemini and open-source model Gemma, with the goal of improving ad targeting [2] - The discussions regarding the use of Google's technology are still in early stages and may not lead to a formal agreement [2] - Meta's CEO, Mark Zuckerberg, emphasized the company's goal to simplify the advertising process for businesses by leveraging AI [3] Group 2 - Meta has invested hundreds of billions in recruiting AI researchers and projects, with capital expenditures reaching $72 billion this year, including AI computing investments [4] - The collaboration with Google includes a six-year agreement worth over $10 billion for using Google Cloud services [4] - Google's advancements in AI model development, particularly the Gemini 2.5 model, are seen as competitive with industry benchmarks like OpenAI [4]

来源：市场资讯 （来源：研报虎） 市场表现回顾： 走势复盘：8月份纳斯达克100指数整体呈"冲高回落"走势，累计上涨0.85%。节奏上，月初美国非农就 业人口与PMI数据疲软，引发对经济动能放缓的担忧，指数短线承压；下旬杰克逊霍尔年会上鲍威尔释 放鸽派信号，指数企稳反弹；科技板块表现分化，指数收官震荡。 估值分析：截至2025年8月29日，纳斯达克100指数市盈率PE-TTM为34.6倍，位于2011年以来的83.6%历 史分位数，处于历史估值相对高位，指数对利率环境与业绩兑现的依赖度较高。 技术分析：截至2025年8月29日，纳斯达克100指数风险度回落至91.54，仍处高位区间，显示市场情绪 偏热。趋势维度上，快线继续运行在慢线上方，尚未形成死叉，中期上行趋势保持良好，但短期波动和 震荡风险不容忽视。 事件驱动盘点： 政策层面：7月末FOMC维持利率不变且释放鹰派信号，对成长股形成压制；8月中特朗普提出半导体关 税，冲击芯片链情绪；月末杰克逊霍尔年会上鲍威尔暗示9月或降息，提振流动性预期，推动指数止跌 回升。 行业层面：8月科技财报季成为主线。微软Azure与Meta广告业务增长稳健，支撑估值修复；苹果与 ...