🦔Meta announced it will sell excess AI compute capacity to outside customers. The company spent $145 billion on AI infrastructure this year, put chips in fabric tents to speed up deployment, drafted 6,500 engineers into AI training they call soul-crushing, and cut thousands of jobs to fund the buildout. CoreWeave stock dropped on the news. My Take Six months ago these companies said there wasn't enough compute in the world. Now Meta is selling its leftovers. A company doesn't sell surplus of something it needs. CoreWeave went public on the promise that demand for AI compute would outstrip supply for years. SpaceX started selling compute too. Now Meta joins them. Every new seller of excess capacity makes it harder for the next company to justify a premium price, and every one of them undercuts the scarcity story that the IPOs were priced on. Three companies are now competing to sell compute they built on the assumption someone else would buy it. The demand that was supposed to absorb all of this hasn't shown up, and nobody wants to be the last one holding unsold capacity when the market figures that out. Hedgie🤗