Meta is reportedly preparing to enter the cloud computing market by selling its surplus computing power. This move is an effort to monetize the company's massive AI infrastructure.
For the past two years, Meta has focused on acquiring as much AI computing power as possible. By offering these services to others, the company will position itself as a competitor to established providers such as AWS, Google Cloud, and Azure.
The strategy aims to ease concerns from investors who have been uneasy about the company's heavy infrastructure spending. Following the report of this plan, Meta's shares rose 8.8 per cent in New York on July 1.