Guangfa Securities: Meta’s current computing power may still be constrained; at least there is no idle computing power.

Golden Finance reported that on July 2, market sources indicated that social media giant Meta may establish Meta Compute, offering model API services and idle GPU computing power, raising market concerns about Meta's capital expenditure and intensified competition in Neocloud.

In response to this news, GF Securities stated that Meta's plan to sell computing power is not new information. During the May shareholder meeting, Meta's CEO mentioned that if the computing power built by Meta exceeds internal needs, the company would consider selling excess computing power or launching API services. GF Securities noted that Meta's current computing power may still be limited. Reports indicate that Meta has asked employees to improve token usage efficiency, meaning that at least for now, Meta has no idle computing power. Meanwhile, Meta is increasing computing power through its own infrastructure construction and external partnerships. "Meta values cost control but may not necessarily cut CAPEX. With high computing power leasing prices, Meta may confirm short- to medium-term revenue and FCF through AI infrastructure commercialization, while building a lower cost structure to cope with rising memory costs."