On Tuesday, July 1 -- For the past two years, Meta has been spending at a pace that made even its largest investors uneasy. A projected $115 billion to $135 billion in capital expenditure for 2026 alone, a 1-gigawatt datacenter under construction in the American Midwest, a 2,250-acre hyperscale campus in Louisiana so large it required its own name - Hyperion. The question Wall Street kept asking was what, exactly, all of that compute was for.

internally called Meta Compute - to sell access to its surplus AI infrastructure to outside companies, Bloomberg reported first. The announcement drove Meta shares up roughly 8% and immediately cratered the stocks of CoreWeave and Nebius, two AI cloud providers that had each signed multi-billion-dol...