Meta's Capital Expenditure Guidance May Rise, CoreWeave and Nebius Contracts Exceed $48 Billion

According to Serenity's analysis on July 1, market discussions on whether Meta Platforms will reduce capital expenditure (capex) due to "compute surplus" reveal significant disagreements. Some argue such concerns are overblown, noting the current situation is closer to "compute tightness" rather than overcapacity. Google and other hyperscale cloud providers even adjusted resource allocation to Meta in March due to their own compute constraints, and Meta's internal AI projects have intensified supply-demand pressure. Against this backdrop, Meta has accelerated signing large, long-term contracts with emerging cloud infrastructure providers including CoreWeave and Nebius, with combined contract values reportedly exceeding $48 billion. Overall, Meta's AI infrastructure investments are expected to continue expanding.
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