AI stocks collectively suffered a deep correction. This time, the trigger is quite unusual—it's not about disappearing demand, but Meta itself deciding to enter the game.

Zuckerberg sent a signal: Meta's computing infrastructure is moving toward a dual-track model of self-use + external leasing. This means Meta will no longer just buy computing power and storage from others; it will build its own and then sell the excess. The damage here is that former big clients have now become competitors.

This directly undermines the pricing logic for third-party computing power and storage vendors like CoreWeave, SK Hynix, and Micron. SK Hynix fell 9.7% today, Samsung dropped 7.1%, MU fell 5%, and CoreWeave plunged 14% in a single day. It's not about bad earnings—it's the market reassessing how much bargaining power these companies still have.

Let’s go deeper.

Over the past few years, the profit distribution in the AI supply chain has been roughly like this: Nvidia eats the computing power premium, HBM memory vendors—led by SK Hynix—eat the memory premium, cloud computing companies like CoreWeave eat the middleman premium, while the big players like Microsoft, Meta, and Google are the ones paying.

But now the big players' logic is shifting. Once computing power spending reaches a certain scale, building in-house is cheaper than buying from outside, and they can conveniently turn idle capacity into a new revenue stream.

What Meta signaled today is not something Google and Microsoft aren't already doing—Google Cloud and Azure operate on this model. Meta just stated it more explicitly.

Once this model is validated, profits in the AI supply chain will concentrate from midstream service providers up to the big tech companies. The moats of companies like SK Hynix and CoreWeave will narrow. This is a structural repricing—it won't be digested in a single day.

But we should also look at the other side.

This doesn't mean demand is shrinking. Yageo is still raising prices this week; AMD increased GPU shipment prices for the second time in six months. Upstream supply and demand remain tight. It's just that the way profits are distributed is changing. The pie is still growing, but the logic of how to slice it is being renegotiated.

Impact on crypto.

Today, bitcoin:native actually rose 2.8%, moving in the opposite direction of AI stocks. This shows that this AI stock correction didn't contagiously spread sentiment like last week's Korea circuit breaker. The main reason is that BTC has its own catalyst today—the market is waiting for the non-farm payroll data at 8:30 PM ET tonight, with some already betting on a soft landing.

But if tonight's non-farm data comes in stronger, AI stocks falling combined with a hawkish narrative will make it very hard for BTC to hold $60K.

Non-farm payrolls at 8:30 PM ET—the most important event today☝🏻

DYOR Not financial advice