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Llama 405B

Meta · 405b · 2× · vu le 08 août 2026

Momentum

Llama 3.1 405B is an open-weight large language model with 405 billion parameters published by Meta, based on an optimized Transformer architecture. It was introduced on July 23, 2024, and is regarded by Meta as the world's largest freely available Foundation Model that can compete with leading closed-source models like GPT-4o and Claude 3.5 Sonnet on Benchmarks such as MMLU, HumanEval, and GSM8K. The model supports a context window of 128,000 Token, is multilingual (8 languages), and is distributed under the Llama 3.1 Community License, which permits commercial use but requires companies with over 700 million monthly active users to obtain a separate license. It is a pure text model without native image or audio processing capabilities.

Historique du momentum

24.06.22.09.

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

Preuves (2)

Company Analysis: Meta

As of 22/09/2026

HOLDSynthszr Vote

Data supports a high-quality core ad business (Q2 revenue +28% YoY; Q3 revenue guided to $61–64B), but the investment profile has shifted materially: 2026 capex guidance of $130–145B and management’s own disclosure that AI/Reality Labs investments can reduce cash flows and margins increase uncertainty around near-term free cash flow and multiple stability. With the stock at ~27.9x trailing P/E and recent results affected by sizable one-time charges, the most data-driven stance is HOLD pending clearer evidence over the next 1–2 quarters that (a) revenue growth remains within guidance ranges, and (b) expense/capex trajectories are not further revised upward. (investor.atmeta.com)

Summary

Meta Platforms, Inc. (META) operates a global, advertising-led business built on its “Family of Apps” (Facebook, Instagram, WhatsApp, Messenger, Threads) and a longer-duration investment segment, Reality Labs. The core competency is large-scale consumer engagement monetized through performance advertising, increasingly driven by AI-based ranking, targeting, and measurement. Meta’s distribution scale, first-party data, and end-to-end ad stack (creation → delivery → measurement) remain central advantages, reinforced by ongoing automation (e.g., Advantage+ workflows) and continued monetization expansion across newer surfaces such as Threads. (s21.q4cdn.com) In the most recent quarter (Q2 2026, reported July 2026), Meta delivered $60.8B revenue (+28% YoY) and GAAP operating income of $18.8B (31% operating margin), with diluted EPS of $6.18. Results were impacted by a $2.4B legal charge and $1.2B severance tied to a May 2026 headcount reduction; management also raised the lower end of its 2026 expense outlook to reflect the legal charge. (sec.gov) Guidance for Q3 2026 revenue was $61–64B, with FX expected to be an ~1% headwind to YoY growth. (investor.atmeta.com) The dominant near-term financial debate is capital intensity. Meta narrowed 2026 capex guidance (including principal payments on finance leases) to $130–145B (from $125–145B), explicitly tied to AI/data center buildout. This is a material swing factor for free cash flow and valuation, even as the ad engine remains strong. (investor.atmeta.com) The 10-Q also highlights sizable longer-dated compute commitments (e.g., cloud capacity purchase obligations) and reiterates that Reality Labs losses are expected to remain similar to 2025 levels, keeping consolidated margins sensitive to investment pacing. (sec.gov) Valuation snapshot (price converted to EUR at an assumed 0.92 EUR/USD): META last traded at ~$741.25 per share (~€681.95). Trailing P/E is ~27.9x (per market data), implying the stock is priced for continued high-quality earnings growth while absorbing elevated capex. Short- to medium-term outlook is primarily driven by (1) ad demand and AI-driven monetization efficiency, (2) the trajectory of capex and depreciation, and (3) regulatory/legal outcomes and associated charges. (sec.gov)

Key Takeaways

Q2 2026 revenue grew 28% YoY to $60.8B, but GAAP operating margin fell to 31% due to sharply higher expenses including a $2.4B legal charge and $1.2B severance. (sec.gov)
Q3 2026 revenue guidance of $61–64B implies continued growth with an expected ~1% FX headwind to YoY growth. (investor.atmeta.com)
2026 capex guidance is exceptionally high at $130–145B (narrowed range), making free cash flow and valuation more sensitive to infrastructure spending than in prior cycles. (investor.atmeta.com)
Reality Labs remains a structural drag: the 10-Q indicates full-year 2026 operating losses are expected to remain similar to 2025. (sec.gov)
At the latest market price, META trades at ~27.9x trailing earnings; investors are paying for durable ad growth and AI-driven efficiency while accepting higher capital intensity.

Action Ideas

BUY

12–18 month thesis: If Q3 revenue lands within the $61–64B range and AI-driven monetization continues to expand across Reels/Threads and performance formats, the earnings base can remain resilient even with elevated investment. The key is that the core ad engine is still producing large operating income (Q2 GAAP operating income $18.8B) and strong liquidity (cash/marketable securities disclosed on the call materials), supporting continued buybacks and strategic flexibility. Primary data points to monitor: quarterly revenue vs. guidance, operating margin normalization after one-time charges, and evidence that capex translates into measurable ad performance improvements (pricing/delivery efficiency). ([investor.atmeta.com](https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/?utm_source=openai))

Horizon: 18 mo.

HOLD

6–12 month thesis: Maintain exposure but avoid adding until there is clearer evidence that the 2026 capex program is stabilizing and that depreciation/opex are not accelerating faster than revenue. Q2 showed strong top-line growth but a notable YoY decline in GAAP operating income and EPS due to expense growth and one-offs; the near-term stock path may be driven by capex and expense commentary as much as ad demand. This stance is appropriate for investors who already have a position and want to see at least 1–2 quarters of execution against the $61–64B Q3 revenue guide and the updated expense outlook. ([investor.atmeta.com](https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/?utm_source=openai))

Horizon: 9 mo.

SELL

3–6 month thesis (risk-control): Reduce exposure if your mandate prioritizes free-cash-flow yield and capital discipline. The updated $130–145B capex range is large enough to dominate near-term cash generation optics, and Q2 commentary highlights that investment in AI initiatives can reduce cash flows, operating margin, and profitability. If the market begins to discount AI infrastructure spend more heavily (e.g., due to weaker incremental monetization evidence), the multiple could compress even if revenue remains solid. ([investor.atmeta.com](https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/?utm_source=openai))

Horizon: 6 mo.

Contrarian Insights

• Consensus focus is often on headline capex magnitude; a contrarian framing is that the more immediate earnings volatility is being driven by discrete charges and restructuring (e.g., $2.4B legal charge and $1.2B severance in Q2). If these do not repeat, reported operating margin could mechanically improve even without a capex reduction. (s21.q4cdn.com)
• Threads monetization is frequently viewed as a longer-dated option; however, Meta stated it completed global ads expansion on Threads in Q2, suggesting monetization is already being operationalized and could contribute earlier than many models assume (though likely small vs. total revenue initially). (s21.q4cdn.com)