Meta wants to pay for its broad AI buildout with a newly created class of stock

Meta is making a big push into AI, and it’s creating a new kind of stock that could help pay for it. On Wednesday, as the company reported its third-quarter earnings, Semafor reported the company might issue non-voting stock, meaning shares that don’t give their owners a vote on company decisions, to help fund its push into artificial intelligence.

Meta 正在大力进军人工智能领域，并正在创造一种新的股票以帮助为其提供资金。周三，在公司发布第三季度财报时，Semafor 报道称该公司可能会发行无投票权股票，即不赋予持有人公司决策投票权的股份，以帮助资助其在人工智能方面的投入。

During Meta’s earnings call, the company confirmed that reporting. Meta’s chief financial officer, Susan Li, said the company plans to “create a new class of non-voting capital stock, which will be distributed to all existing shareholders through a stock dividend.” Li later added that the company “created this new class of shares with the purpose of creating a publicly traded non-voting stock usable for capital raising, employee compensation, acquisitions, and other general corporate purposes while preserving the voting power of existing Class A and B shareholders.”

在 Meta 的财报电话会议上，公司证实了这一报道。Meta 首席财务官 Susan Li 表示，公司计划“创建一类新的无投票权资本股票，并通过股票股息分配给所有现有股东。”Li 随后补充说，公司“创建这一新类别股票的目的是为了创造一种可公开交易的无投票权股票，用于融资、员工薪酬、收购和其他一般企业用途，同时保留现有 A 类和 B 类股东的投票权。”

The shares will allow the company to maintain its current “founder-led structure,” she added. They will also expand its “funding tools and give us flexibility to invest behind the unprecedented momentum we’re seeing across every part of our business, driven by AI.” Meta’s earnings were strong this past quarter, beating Wall Street expectations. The company made $64 billion in revenue, a jump of 26% from a year earlier. Its costs and expenses also rose too, however, by 68% year over year.

她补充说，这些股份将使公司能够维持其目前的“创始人领导结构”。它们还将扩大公司的“融资工具，并使我们能够灵活地投资于我们在人工智能驱动下，在业务各个领域所看到的空前势头。”Meta 上个季度的收益强劲，超过了华尔街的预期。公司营收达到 640 亿美元，较去年同期增长 26%。然而，其成本和费用也同比上升了 68%。

Reality Labs, the division responsible for Meta’s AR glasses, VR headsets, and VR software, continues to lose money, though less than it used to. The company said in its earnings report that it expects the division’s losses to shrink from its 2025 levels to between $18 billion and $19 billion. Meta has made a big push into AI over the past year. The company has released several AI models, including Muse Spark and Muse Glimmer earlier this year.

负责 Meta AR 眼镜、VR 头显和 VR 软件的部门 Reality Labs 继续亏损，尽管亏损额较以往有所减少。公司在财报中表示，预计该部门的亏损将从 2025 年的水平缩减至 180 亿至 190 亿美元之间。过去一年，Meta 在人工智能领域进行了大力投入。公司发布了多款人工智能模型，包括今年早些时候发布的 Muse Spark 和 Muse Glimmer。

In recent weeks, it added Muse Wonder and Muse Spark Open, an open-weight model whose underlying parameters are publicly available for outsiders to use and build on. Meta also launched a coding agent for software developers called Muse Code. At its Meta Connect event this year, the company announced a new line of cute and cuddly avatars for AI assistant, Meta Muse, in a push to make its AI services more relatable (and also meme-able).

最近几周，它又增加了 Muse Wonder 和 Muse Spark Open，这是一种开放权重的模型，其底层参数可供外部人员公开使用和构建。Meta 还为软件开发人员推出了一款名为 Muse Code 的编码代理。在今年的 Meta Connect 活动上，公司宣布为人工智能助手 Meta Muse 推出一系列可爱且讨人喜欢的头像，旨在使其人工智能服务更具亲和力（同时也更具模因传播性）。

As far as can be discerned, those AI products are doing well. “In just a month and a half, more than 10 million people in the U.S. and Canada have set up Muse personal agents,” CEO Mark Zuckerberg said during Wednesday’s earnings call. “Growth continues to be strong, and we have been number one in the App Store almost every day.”

据目前所知，这些人工智能产品表现良好。首席执行官马克·扎克伯格在周三的财报电话会议上表示：“在短短一个半月内，美国和加拿大的超过 1000 万人设置了 Muse 个人代理。增长持续强劲，我们几乎每天都在应用商店中排名第一。”

“Now that Muse has clear product-market fit, we are entering a new phase and a more operational phase that is focused on scaling it,” Zuckerberg added, claiming later that the company expects to grow the product’s appeal to eventually “serve billions of people.” The company also noted that certain storm clouds linger on the horizon in the form of ongoing regulatory and legal issues.

“既然 Muse 已经有了明确的产品市场契合度，我们正在进入一个新的阶段，一个专注于扩展它的运营阶段，”扎克伯格补充道，并随后声称公司期望扩大该产品的吸引力，最终“服务数十亿人。”公司还指出，在监管和法律问题持续存在的形式下，地平线上仍笼罩着某些乌云。

“We continue to monitor active legal and regulatory matters that could significantly impact our business and financial results,” said Li. “For example, we continue to see scrutiny on youth-related issues in several markets, and have a number of youth-related trials scheduled in the coming months in the United States.”

“我们继续监测可能对我们的业务和财务结果产生重大影响的活跃法律和监管事项，”Li 说。“例如，我们继续看到多个市场对青少年相关问题的审查，并且在未来几个月内，美国还有多起与青少年相关的审判计划。”