为追赶 OpenAI 与 Google，Meta 一边扩建基础设施，一边发动人才“挖角”：据称接触了数百名候选人，签约方案最高达 1 亿美元。一个新的精英团队计划在 2026 年第一季度推出全新模型“Avocado”，在 Llama 4 表现落后并被指“刷榜”之后从零训练。扎克伯格招募 28 岁的 Scale AI 创始人 Alexandr Wang 统筹“超级智能”计划；Meta 以 140 亿美元分别买入 Scale 与 Nat Friedman 的 NFDG 各 49% 股权，同时裁撤了 600 名 AI 员工。
市场也在对现金流压力与更激进的融资方式作出反应。分析师预计自由现金流将从约 540 亿美元降至 200 亿美元，11 月股价又下挫约 17%。Meta 在 10 月下旬发行 300 亿美元公司债，并在 2025 年稍晚从私募信贷再融资 270 亿美元，用于在路易斯安那建设多吉瓦级的 Hyperion 数据中心枢纽；该项目通过一家由 Blue Owl 持股 80% 的 SPV 运作。除表外风险外，信任与安全也成关键约束：8 月泄露的指引允许聊天机器人与儿童进行“性感”与“浪漫”对话，引发强烈争议。
Meta’s 2025 AI push under Mark Zuckerberg has been marked by rapid pivots, restructurings and heavy spending, while investors complain the monetisation plan is vague. Capital expenditure is expected to reach at least $70bn in 2025, up from $39bn in 2024, and Zuckerberg signalled that 2026 AI capex could exceed $100bn. After October earnings, Meta shares fell more than 10%, erasing over $208bn in value—evidence that clarity, not just scale, is moving the stock.
To catch OpenAI and Google, Meta is building new infrastructure and attempting a talent “heist”: hundreds of candidates were approached, with sign‑on packages reportedly worth $100mn. A new elite lab aims to ship a fresh model, “Avocado,” in Q1 2026, built from scratch after Llama 4 underperformed and drew accusations of benchmark gaming. Zuckerberg recruited Scale AI founder Alexandr Wang (28) to run the Superintelligence effort, while Meta paid $14bn for 49% stakes in Scale and Nat Friedman’s NFDG; it also cut 600 AI jobs.
Markets are also reacting to cash‑flow strain and creative financing. Analysts project free cash flow falling from about $54bn to $20bn, and the shares slid roughly 17% in November. Meta raised $30bn in bonds in late October and another $27bn from private credit later in 2025 to fund the multi‑gigawatt Hyperion hub in Louisiana via an SPV 80% owned by Blue Owl. Alongside the balance‑sheet risk, trust and safety are a looming constraint after leaked August guidelines allowing “sensual” and “romantic” chatbot chats with children.
