Technology · 1 July 2026
Meta shares soar 10% on AI cloud plan
The report reframes Meta's huge AI spending as a possible money-maker rather than a pure cost, easing investor nerves. Bloomberg reported on Wednesday that Meta is building a cloud business to sell spare AI computing power, taking on Amazon, Microsoft and Google. Meta hasn't confirmed the plan, and shares of rival compute providers CoreWeave and Nebius fell around 12% on the news.
Reported by CNBC · How we write briefs