Meta is selling its unused computing power. Is the AI "computing power scarcity premium" about to peak?

Bloomberg reported that Meta is building an internal business unit codenamed "Meta Compute," preparing to sell its unused AI computing power externally. The plan is still in its early stages, and Meta has not officially confirmed it, but the team is already in place—jointly led by the infrastructure director, the head of the super-intelligence lab, and the company's president. Zuckerberg hinted at this back in May: "If we find that we've overbuilt, selling compute power is a card we have in our hand." The July 1 report essentially told the market that this card is not just talk—it's already being played.

After the news broke, Meta's own stock rose more than 10%, adding nearly $100 billion to its market cap. Meanwhile, its upstream compute suppliers CoreWeave and Nebius both plunged 12% to 16%, and the Philadelphia Semiconductor Index dropped nearly 5% during intraday trading.