meta took the excess computing power and used it to build a cloud.

Then the market responded with a sharp plunge. So this news was interpreted as:
“Is computing power not that scarce? Does meta have spare computing power that it can use for others?”
This is how the market is interpreting it right now, but in reality meta should have done this long ago.
They made a mess out of their own open-source models—using their own employees to train models plus day-to-day usage simply couldn’t possibly consume that much computing power. They should have taken it out and monetized it long ago.
I don’t think the interpretation that computing power isn’t scarce holds water.