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Llama 3.2

Meta · v3.2 · depuis 2024-09-25 · 27× · vu le 03 juil. 2026

Momentum

Meta Llama 3.2 is an open-source model family released on September 25, 2024, comprising four variants: lightweight text-only models at 1B and 3B parameters (designed for edge/mobile deployment) and multimodal vision models at 11B and 90B parameters capable of processing both text and images. All models support a context window of up to 128,000 tokens and use Grouped-Query Attention (GQA). Weights are freely downloadable under the Llama 3.2 Community License; commercial API access is available via third-party providers such as AWS, Azure, and Together AI.

Historique du momentum

19.05.17.08.

Fonctionnalités

Key Benchmark (%)	MMLU (0-shot, CoT): 86.0% (90B model); MMLU 5-shot: 63.4% (3B model); DocVQA: 90.1 (90B Vision); ChartQA: on par with GPT-4o (90B Vision)
Context Window (Tokens)	128,000 tokens (all model sizes: 1B, 3B, 11B, 90B)
License	Llama 3.2 Community License (custom, commercially usable; separate Meta approval required for >700 million monthly active users)
Multimodality	Yes (partial): 11B and 90B Vision models support text and image input (image reasoning, document analysis, captioning, visual grounding); 1B and 3B models are text-only
Price per 1M Tokens	3B Instruct: from $0.030 input / $0.050 output (cheapest provider); 11B Vision Instruct: from $0.060 input / $0.060 output; 3B (Base): from $0.100 input / $0.100 output – prices vary by provider
Release Date	September 25, 2024

Plus de produits dans cette catégorie: Modèles de langage open source

Preuves (27)

Company Analysis: Meta

As of 10/08/2026

HOLDSynthszr Vote

Data supports a high-quality core business (Q2 2026 revenue +28% YoY; 31% operating margin; Q3 revenue guide $61–64B), but near-term equity risk/reward is balanced by unusually high AI capex ($130–145B for 2026) that has already compressed free cash flow (Q2 FCF ~$0.784B) and by elevated EU regulatory uncertainty (preliminary DSA finding on “addictive design”). A HOLD is warranted until investors see clearer evidence of (1) capex stabilization translating into more consistent free cash flow and (2) regulatory outcomes that do not materially impair engagement or ad effectiveness in Europe. (investor.atmeta.com)

Summary

Meta Platforms, Inc. (META) is a global consumer internet company monetizing attention primarily through performance and brand advertising across its “Family of Apps” (Facebook, Instagram, WhatsApp, Messenger), complemented by a smaller, loss-making “Reality Labs” segment focused on AR/VR hardware, software, and related content. Core competencies include large-scale ad targeting/measurement, recommendation systems, and product iteration across multi-billion-user social platforms, increasingly supported by AI-driven ranking and ad delivery. Market position remains top-tier in global digital advertising, with competitive advantages in scale (cross-app reach), engagement, and a mature advertiser toolchain. The main competitive pressures are from short-form video ecosystems and retail media networks, but Meta’s breadth of inventory and improving AI-driven relevance continue to support pricing and conversion outcomes. In the most recent quarter (Q2 2026, reported July 29, 2026), Meta guided Q3 2026 revenue to $61–64B and disclosed a 31% operating margin, indicating continued profitability despite elevated investment. Management narrowed 2026 capital expenditures (including principal payments on finance leases) to $130–145B, reflecting sustained AI infrastructure buildout; Q2 free cash flow was reported at $0.784B, highlighting near-term cash flow compression from capex intensity. Reported Q2 revenue was ~$60.8B (+28% YoY), with Family of Apps revenue ~$60.4B (+28% YoY) and Reality Labs revenue ~$0.431B (+16% YoY). (investor.atmeta.com) Regulatory and legal overhangs remain material, particularly in Europe. In July 2026, the European Commission preliminarily found Meta’s “addictive design” practices on Instagram and Facebook potentially in breach of the Digital Services Act, which could lead to remedies and/or penalties depending on final findings. (digital-strategy.ec.europa.eu) In the U.S., ongoing litigation related to youth mental health design claims continues to pose potential financial and operational risks. (apnews.com) Valuation and key metrics: META’s trailing P/E is ~22.37x (as of Aug 10, 2026). Profitability remains strong at the operating level, but the near-term financial debate is centered on (1) durability of ad growth and (2) how long AI capex remains at the current elevated run-rate. Short- to medium-term outlook is constructive for revenue and operating income (per company commentary), but free cash flow volatility is likely to persist while AI infrastructure spending remains high and regulatory outcomes in the EU evolve. (investor.atmeta.com)

Key Takeaways

Q2 2026 showed strong top-line momentum (~$60.8B revenue, +28% YoY) with a 31% operating margin, reinforcing Meta’s leadership in digital advertising monetization. (investor.atmeta.com)
AI infrastructure investment is the dominant near-term financial swing factor: 2026 capex (incl. finance leases) narrowed to $130–145B, and Q2 free cash flow fell to ~$0.784B. (investor.atmeta.com)
Q3 2026 revenue guidance of $61–64B implies continued growth, with FX expected to be a modest headwind (~1%) to YoY growth based on current rates at the time of guidance. (investor.atmeta.com)
Reality Labs remains strategically important but financially dilutive; filings indicate expectations for 2026 Reality Labs operating losses to remain similar to 2025 levels. (sec.gov)
EU regulatory scrutiny is intensifying: the Commission’s preliminary DSA view on “addictive design” increases the probability of product changes and compliance costs in Europe. (digital-strategy.ec.europa.eu)

Action Ideas

BUY

12–18 month, fundamentals-driven accumulation focused on (a) sustained ad revenue growth and (b) operating leverage resilience even with elevated AI opex/capex. Q2 2026 results show strong revenue growth and a 31% operating margin, while Q3 guidance ($61–64B) supports continued momentum. Valuation at ~22.4x trailing P/E is not extreme relative to current growth rates, but the key is monitoring whether AI-driven ad performance continues to translate into durable pricing and conversion outcomes.

Horizon: 18 mo.

HOLD

6–12 month risk-managed hold for investors already positioned, emphasizing confirmation that AI infrastructure spending is stabilizing and that cash generation normalizes after the current capex cycle. The company narrowed 2026 capex guidance to $130–145B and reported very low Q2 free cash flow, so near-term equity performance may be more sensitive to capex/cash flow optics than to operating margin alone.

Horizon: 9 mo.

SELL

3–6 month de-risking option for investors with low tolerance for regulatory and cash-flow volatility. The combination of (1) elevated AI capex compressing free cash flow and (2) rising EU scrutiny on platform design increases the probability of headline-driven drawdowns even if core advertising remains healthy.

Horizon: 6 mo.

Contrarian Insights

• Cash flow, not earnings, may be the binding constraint in the next 2–4 quarters: despite a 31% operating margin, Q2 2026 free cash flow was only ~$0.784B due to AI capex, so valuation sensitivity could shift from P/E to free-cash-flow yield until capex normalizes. (investor.atmeta.com)
• EU product-design regulation could become a more direct growth variable than ad-market competition: the Commission’s preliminary DSA finding on “addictive design” implies potential engagement and UX changes that could affect inventory and monetization mechanics in Europe beyond typical privacy-policy headwinds. (digital-strategy.ec.europa.eu)