Meta selling computing power is bullish for #Meta. It may not be bullish for the entire AI computing power chain.

1. Meta can turn idle computing power into revenue, alleviating the pressure of AI capex.
2. This indicates there is still demand in the AI computing power market, otherwise it wouldn't be sellable.
3. It's bullish for Meta's stock price; the market will see it as not just burning cash.
4. This directly competes with AI clouds like CoreWeave and Nebius.
5. Previously, big tech companies were customers; now they are also becoming sellers.
6. If Meta has surplus computing power, the market will start to question: Is there actually still a shortage of AI computing power?
7. Mining farms transitioning to AI data centers and valuations of small computing power stocks may be reassessed.
Biggest risks going forward:
1. AI infrastructure isn't facing disappearing demand, but rather a sudden oversupply.
2. Everyone thinks GPUs will never be enough, so they all rush to build data centers.
3. Once computing power prices start to drop, the real victims won't be Meta, but the small companies whose valuations rely on the scarcity of computing power.