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Market Analysis: Meta's renting of computing power is akin to using old resources to support new ones, rather than stopping the pursuit of high-end computing power.
6月中下旬,Meta被报道已与Crusoe签约,拟从Texas和Missouri州的两个数据中心获取合计约1.6GW的AI计算容量。同时,Meta 26Q1仍把全年资本开支指引上调到1250-145B美元。两件事放在一起看,更像是不同代际、不同用途的资源再配置:继续买新卡训练前沿模型,但旧卡(如H系列)用于推理大流量产品、托管外部模型等应用场景的,可以接受出租一部分,但这并不代表会放缓购买最紧缺的高端卡。金色财经报道, July 2, market analysis suggests that Meta is planning to launch a cloud computing business for renting out computing power: one category involves opening up the model capabilities deployed on its own AI infrastructure to external customers, and the other involves renting out more underlying "bare-metal computing power". However, for now, the real situation seems to be that Meta is recovering cash flow from its existing old computing power, rather than stopping the pursuit of high-end computing power.
In mid-to-late June, Meta was reported to have signed a contract with Crusoe, planning to obtain a total of approximately 1.6GW of AI computing capacity from two data centers in Texas and Missouri. At the same time, Meta still raised its full-year capital expenditure guidance to $125-145 billion in 26Q1. Looking at these two events together, it appears more like resource reallocation across different generations and use cases: continuing to purchase new cards to train cutting-edge models, but for older cards (such as the H series) used in scenarios like inference for high-traffic products and hosting external models, it is acceptable to rent out a portion, but this does not mean slowing down the purchase of the most scarce high-end cards.