$META uses a ton of its compute within a superintelligence team that loses a ton of money. Meta has a mountain of demand for renting this compute. The big 3 cloud companies are all killing it largely because of compute rental demand. If the Superintelligence team turns out to have more than it needs? Meta can rent compute to customers at a 10%-15% EBIT margin, vastly undercut peers & still have that be profoundly positive for its overall bottom line. It can also shift a ton of this resource to its core business to extract more engagement & monetization in highly profitable ways. People worry about ROI here. I think META's ROI plan A is as good as mega-cap peers. I think META's ROI plan B is better than mega-cap peers.
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