Global AI Trend Tracker

研报英文原文证据摘录

Global AI Trend Tracker

Global Markets Research

30 July 2026Global AI Trend Tracker

EQUITY: TECHNOLOGY

META’s 2Q26 earnings read through Research Analysts

China Technology

Bing Duan - NIHKQuick Note bing.duan1@nomura.com

+852 2252 2141META (META US, Not rated) reported its 2Q26 earnings on 30 July 2026 after the US

market close, and on the same day, management hosted an analyst briefing. Management Joel Ying, CFA - NIHK

mainly discussed its AI products and services development, measures on increasing joel.ying@nomura.com

monetization efficiency and improving engagement experiences. The company’s FY26E +852 2252 2153

capex guidance remained largely unchanged at USD130-145bn (previously USD125-

145bn), while management did not provide much color on FY27E capex guidance.

Regarding the monetization of computing power, management believes that the margin on

selling Intelligence will continue to be significantly higher than that of selling Compute

directly. We think this indicates the company’s continued commitment to investing in large

language models and Generative AI applications. We like global optical transceiver

leader Zhongji Innolight (300308 CH, Buy), and major PCB / CCL suppliers such as

Shengyi Tech (600183 CH, Buy).

2Q26 core business performance

• META reported 28.0% y-y revenue growth for 2Q26, beating the Bloomberg

consensus estimate by 1%, and delivered a 13.6% y-y decline in earnings, missing the

consensus by 14%. For 3Q26E, management guided for USD61-64bn in total

revenue, with foreign currency providing ~1% headwind to y-y growth.

• Reality Labs segment revenue was USD431mn in 2Q26, up 16% y-y due to strong

growth in AI Glasses revenue, partially offset by lower Quest Headsets sales.

• Capex (purchase of PP&E) increased 82.1% y-y and 58.5% q-q in 2Q26 to