Meta发布Muse AI挂件，2027年资本开支预计增60-70%

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All right, this is how it works here. Mand Deepep Singh walks in the door and I just say I got a whole list [music] of things to talk about Mandep but I just like what do you want to talk about it? Mand Deepep Singh global tech reporter uh I'm sorry research head for a Bloomberg intelligence joins us here in studio here. Everybody's talking about this Muse thing. Now there's a Muse Charm from Meta.

Yeah,

I already have the I just downloaded the Muse app on my phone so I feel like I'm technically on the cutting edge here.

What's this charm thing? I know that's not usually your belly wick. the kids. But

well, they are launching a new device now. A device where you can interface with their Muse agent using this device. And everything still runs on the cloud. Nothing is on the device, but it's an easier way for you to interact using voice. And instead of, you know, opening your app on the smartphone, this device is listening to you all the time. And you're pretty much uh you know talking to it as if it's your agent.

Do I put it on my keychain? Do I put it on my Bloomberg lanyard? What do I do with this thing?

Um either is fine, but

he's going to lose this thing in about 5 minutes, by the way.

I mean, yeah, I'm still looking for an earbud down here in this radio studio.

But the good thing is the device can figure out if it's lost and, you know, send you some sort of [laughter] a message that, hey, Paul, you may have left the device. He's got like a million engineering degrees and he's talking about like losing a device. I mean,

is this the 2026 version of the Tamagotchi?

Well, that's what I think some people are comparing it to. But, uh, at the end of the day, they're saying this is a persistent agent that is running 24/7. Whether you initiate the agent through the app on your smartphone or through this device, it's going to work behind the scenes 24/7. You don't have to constantly prompt it or, you know, engage with it. Once you give it a command, organize my calendar, it's persistent.

It's going to do that 24/7 without you having to keep prompting it. And that's the promise. That's why people are so excited here.

Is Mark Zuckerberg aware that people are very upset about AI, you know, and how it poses an existential crisis. They don't want data centers near them. Like, this is the time to introduce something like this

thing in my pocket. Well, uh, what he's trying to, I think, sell is the functionality, the fact that it can really make you super productive by doing your mundane tasks like organizing your calendar or, you know, uh, cleaning up your emails, basic tasks, ordering stuff from, uh, the internet. Obviously, it's not Amazon anymore, but um, you know, they added a few more partners, Walmart, Best Buy. So it sounds like uh you know he wants to develop an ecosystem around it but uh it's still early days and I expect Google and Apple to definitely launch something along these lines because it's their turf.

This is the new streaming wars.

Yeah. I this stock market like a stock's up 3.2% today. It's at a 52- week high. It's not at an all-time high but darn within a couple bucks of an all-time high. So to the extent they ever lost their mojo, which I don't think they really ever did, they kind of got it back a little bit here.

I mean, I'm thinking what their 2027 capex number is going to be given what has transpired come three 3Q earnings call for Meta, I expect them to raise their capex at least 60 70% if not higher. And uh they are right up there in terms of justifying that capex even though I'm not very clear on the monetization model here because everything that they are giving to the consumer is free and Mark Zuckerberg said last night they will take a cut of all the transactions they will facilitate.

So 1 to 2% cut or even more

and they take your data I mean even more than they already have.

Yes. Well, uh that's part of the uh ads that they show on, you know, the 3.5 billion users they have across their family of apps. So, all that is a given, but they seem to be very excited about using all the data center capacity internally. Remember, Google rents out 50% of their capacity on cloud. 50% they use on their apps, 50% rented on cloud. Amazon rents everything on cloud. They use a little portion of it internally.

Microsoft rents everything on cloud. Meta was the only one who was betting big on using everything internally. They've found that use case where they can deploy a lot of that capacity internally. I just feel is it going to be worth 150 billion plus in capex and their ROI on that that is not clear because they haven't given us a monetization model but with meta we know if something is sticky

they will find a way to monetize it eventually

I know everybody's getting in their Christmas stocking this Christmas little muse charm there how much is that going to set me back

well they subsidize all their devices they launched a lot of you know uh audio AR glasses VR glasses everything is way below the Apple price point for Vision Pro. So, Meta believes in subsidizing the hardware cuz they really want to own that device. They don't want to be reliant on Apple or Google.

I have a hard time believing that parents are going to get this for their kids, especially after all the Instagram stuff and you know, like do you really want to embed your child's life even further into the meta suite of products?

I know. Everyone's trying to break that.

I'm getting John Tucker for Christmas. [laughter] He's paying. I'll be bringing it back. Sorry.

All right. And just for what it's worth here, capex for Meta in 2023, 27 billion. This year 140. Next year forecast 200. So that is a different company, a different stock than people have historically owned.

Stay with us. More from Bloomberg Intelligence coming up after this. [music]

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We've been talking about private equity. Actually, we've been talking about higher interest rates and the impact it's having on stocks, bonds, commodities,

the economy.

The economy. How about deal flow? um and for our private equity friends that had just been rolling in it for 20 years.

Well, they they really made their bones when interest rates were super low. What happens now that interest rates are higher and will likely stay higher? And it turns out a lot of people who had been working in the private equity industry are now looking at the investment banking industry and saying, "Oh, maybe I'll go back there." [laughter]

Nice. All right. Allison McNeely joins us here. Bloomberg private equity reporter. Uh the story private equity's path to riches is getting harder to follow. Alison, thanks so much for joining us here. Talk to us about your story. What's going on in the world of private equity? What are those folks doing these days?

I think what we're seeing in the industry is some folks re-evaluating whether private equity is really the best bet for them long term. You know, as Scarlet was saying, you know, it was kind of like where everyone wanted to go for a long time. There was a lot of money that was made. But in the past few years, as dealm has become harder with interest rates higher, um there are less exits. And when there's less exits, there's less carried interest or sort of the slice of profits to dealmakers being paid out.

And you know, some folks are looking at entre

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