$META Two more perspectives here as we digest this news, one bearish and one bullish. Bearish: If META has excess compute that they are willing to sell via a new cloud business…doesn’t that mean we aren’t compute constrained? Isn’t this really bad for neoclouds? Why would META give a deal to a CRWV or IREN if they just sell the compute themselves? Further more, wouldn’t they cut capex because idle compute as the basis for a new business means they DONT need as much compute as they bought which means capex…should come down? That would be bearish for all semis. Bullish: If META is building a cloud business, even if they are using idle compute (which means they aren’t compute constrained) they might end up spending MORE on capex to…compete with GCP AWS and Azure? Like if they realize that
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