计算机行业：META数十亿美金收购的启示

中信建投证券股...01-04

核心观点：历经2025 年3 月的爆火出圈，4 月到7 月的舆论关于“ 炒作”、“套壳”、“跑路”等的质疑，Manus 于2025 年12 月被Meta 以数十亿美元的对价收购，且ARR 已突破1 亿美元，累计处理了超过147 万亿的tokens，创建了超过 8000 万个虚拟计算机实例，无疑为AI 应用领域注入了一针强心剂。展望未来模型和应用的竞合关系，应用有望凭借快速迭代的优势和用户长链路数据...

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