像亚马逊、Alphabet 和 Meta 这样的公司都在积极发行债务。其中很多公司甚至自由现金流为负，比如 Meta。
Stocks like Amazon, Alphabet, and Meta are all aggressively issuing debt. A lot of them are even going free cash flow negative, such as Meta.
现在，排在第二位的是 Meta，从基本面来看，它依然非常有吸引力。这是另一只交易价格低于其历史平均估值倍数的股票，而且它实际上是今年迄今为止表现最差的股票之一，至少是 Mag 7 股票中表现最差的，下跌了约 15%。
现在，我们来看Meta，它在2026年迄今经历了令人难以置信的波动，但过去一年下跌了22.3%，年初至今下跌了10%。
Now, we come to Meta who has seen some incredible volatility so far in 2026, but in the last year down by 22.3% and year-to-date down by 10%
而且Meta股票发生了什么并不是什么秘密。人们对增加的资本支出支出有很多担忧。例如，看看股息分解表。是的，Meta支付的股息不多，但你需要真正注意的是，在2025年，我们看到自由现金流实际上下降了。
and it's really not any secret what's been going on with Meta stock. There's a lot of concerns with the increased CapEx spending. For example, look at the dividend breakdown sheet. Yes, Meta doesn't pay much in dividends, but what you really need to pay attention to is the fact that in 2025, we saw free cash flow actually decline.