Meta Is Building a Cloud Business to Sell Its Spare AI Compute
Meta wants to sell the AI computing power it is not using. According to a Bloomberg report on July 1, Meta Platforms is building a cloud business to sell excess artificial intelligence computing capacity, as tech giants seek returns on costly AI investments amid worries about overspending. The share market reacted to tech giants’ move immediately. Meta shares rose more than 10% in early trading, easing pressure on a stock that had underperformed the S&P 500 this year with a nearly 15% decline. Parallelly, several neocloud rivals fell on the same news. Here’s the reason behind both moves explained, and […]














