The concern is not just $META

When two of the biggest AI labs turn from pick-and-shovel buyers into sellers, the market starts fearing cyclicality
If selling compute is more profitable than consuming it internally, what that signals is the possibility of oversupply on the horizon
$META has spent aggressively on AI infrastructure, with more than $180B of commitments tied to future data center buildouts
The market now sees that those commitments may not be repeated. That is undoubtedly a blow to data center companies and neoclouds
Now, there is one important thing to consider
If AI requires a humongous amount of power and energy, it will require it regardless of who develops the AI
Anthropic, OpenAI, and Chinese models gaining market share simply means the compute needs shift. It does not mean they disappear
Over the long term, I think concerns about compute oversupply will be proven absurd
The development of superintelligence, which is the final goal of all this, requires more power than there is available on Earth