Meta announced a new long term project to build and partner for always more compute.

This compute will go to Nebius & co. Hyperscalers won’t carry the overbuild risk. They’ve already started pushing it downstream; that’s the new normal.

Expect more deals, many more.

How the market prices risk is the real question, but short term, my two cents are long. Very long. Because the market is yet to realize that demand justifies spending.

For now.