[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciof5ffc657":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciof5ffc657","Meta的豪赌！Muse能否撑起第二增长曲线？","\u002Fdoc\u002Fdciof5ffc657","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>Meta\u003Cspan>发布\u003C\u002Fspan>Muse Wonder\u003Cspan>。这可能是\u003C\u002Fspan>Meta\u003Cspan>在广告业务之外，寻找新收入来源的一次关键尝试。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Muse Wonder\u003Cspan>有两项关键能力。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Active Memory\u003Cspan>可以跨对话记住用户背景；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Active Focus\u003Cspan>能在任务受阻时更换方案、修正错误并继续执行。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI\u003Cspan>由一次性问答，升级为能够处理编程、金融和法律等长期任务的智能体。目前，普通版已经接入\u003C\u002Fspan>Meta Model API\u003Cspan>和\u003C\u002Fspan>Muse Code\u003Cspan>，完整版本率先向\u003C\u002Fspan>Muse Code\u003Cspan>订阅用户开放。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>产品数据已经出现早期信号。花旗引用的数据显示，\u003C\u002Fspan>Muse\u003Cspan>上线\u003C\u002Fspan>34\u003Cspan>天，美国累计下载约\u003C\u002Fspan>860\u003Cspan>万次，日活超过\u003C\u002Fspan>200\u003Cspan>万，早期增长速度快于\u003C\u002Fspan>ChatGPT\u003Cspan>、\u003C\u002Fspan>Gemini\u003Cspan>和\u003C\u002Fspan>Meta AI\u003Cspan>各自的上线阶段。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Facebook\u003Cspan>、\u003C\u002Fspan>Instagram\u003Cspan>和\u003C\u002Fspan>WhatsApp\u003Cspan>的分发能力还没有完全释放。用户规模继续扩大之后，\u003C\u002Fspan>Meta\u003Cspan>可以把收入从广告延伸到订阅、\u003C\u002Fspan>API\u003Cspan>调用和专业服务。这条路径能否走通，将决定\u003C\u002Fspan>Muse\u003Cspan>有没有资格成为第二增长曲线。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>智能体也会带来更大的算力需求。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>一次任务需要持续规划、搜索、调用工具、验证结果，再反复修正。它消耗的不只有\u003C\u002Fspan>GPU\u003Cspan>，还包括\u003C\u002Fspan>HBM\u003Cspan>、服务器\u003C\u002Fspan>CPU\u003Cspan>、\u003C\u002Fspan>SSD\u003Cspan>、高速网络，以及电力和散热。花旗预计，\u003C\u002Fspan>Meta\u003Cspan>总算力容量到\u003C\u002Fspan>2027\u003Cspan>年可能达到约\u003C\u002Fspan>14GW\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这轮算力投入能否得到市场认可，取决于两个结果：完成一次任务的成本能否下降，以及\u003C\u002Fspan>Token\u003Cspan>调用能否真正转化为现金流。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>风险同样清楚。花旗预计，到\u003C\u002Fspan>2027\u003Cspan>年，广告仍将占\u003C\u002Fspan>Meta\u003Cspan>总收入的约\u003C\u002Fspan>95%\u003Cspan>。与此同时，\u003C\u002Fspan>2026\u003Cspan>年至\u003C\u002Fspan>2028\u003Cspan>年的折旧摊销可能从\u003C\u002Fspan>298\u003Cspan>亿美元增加到\u003C\u002Fspan>598\u003Cspan>亿美元，智能体普及还会进一步增加推理费用。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>所以，美东时间\u003C\u002Fspan>10\u003Cspan>月\u003C\u002Fspan>21\u003Cspan>日盘后的\u003C\u002Fspan>Meta\u003Cspan>财报，市场需要验证三件事：广告能否托住利润，\u003C\u002Fspan>Muse\u003Cspan>有没有出现真实付费，巨额资本开支能否换来更高效率。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Muse\u003Cspan>有机会成为\u003C\u002Fspan>Meta\u003Cspan>的第二增长曲线，但在收入和利润兑现以前，它首先是一场昂贵的验证。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$META 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#\u003Cspan>美股\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>━━━━━━━━━━━━━━━━━━━━━━\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>【原创声明】\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本文由美股投资网（\u003C\u002Fspan>TradesMax.com\u003Cspan>）研究团队原创完成。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>原创机构：美股投资网\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>英文品牌：\u003C\u002Fspan>TradesMax\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本文基于公开财报、\u003C\u002Fspan>SEC\u003Cspan>文件、市场数据、机构资金、期权交易及产业链信息进行独立分析\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如需引用本文，请注明：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>“美股投资网（\u003C\u002Fspan>TradesMax.com\u003Cspan>）原创研究”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>━━━━━━━━━━━━━━━━━━━━━━\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FM\u002FMETA\u002FMETA2.jpg","2026-10-15T15:55:31","2026.10.15","2026\u002F10\u002F15",35034,[22],"META","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" rel=\"noopener noreferrer\">\u003Cimg src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]