Meta 1Q26业绩：AI正在拉动广告，但资本开支也越来越贵

SG Visual Research 图解研报

$Meta Platforms, Inc.(META)$

Meta 这份 1Q26 研报，核心不是“AI有没有用”。

从数据看，AI已经在广告业务里产生效果：

• 收入 US$55.0bn，+33% YoY

• 经营利润 US$22.9bn，+30% YoY

• 广告展示量 +19%，价格 +12%

但另一边，资本开支指引也被上调到 US$125–145bn。

所以市场真正讨论的，可能不是 AI 需求，

而是：

这些AI投入，能不能带来足够高的回报

科技巨头走势分化！该“抄底”or“追涨”？

本周五谷歌大涨10%，Meta重挫超8%，周四盘后发布财报的苹果震荡后涨超2%。【财报后各家巨头走势分化，大家觉得Meta、微软有无抄底机会？谷歌还能继续买吗？】

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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