Meta Platforms Gears Up for Cloud Computing Announcement
Meta Platforms (NASDAQ: META) is expected to announce its new cloud computing business on July 29, coinciding with its second-quarter earnings report. CEO Mark Zuckerberg previously indicated that the company is exploring cloud infrastructure, which aligns with reports of a potential $10 billion deal to lease computing power to Anthropic over two years.
In a significant shift, Meta is planning a capital expenditure of $125 to $145 billion this year, with substantial investments earmarked for AI infrastructure. Currently, it is the only major tech player among Alphabet, Microsoft, and Amazon without a cloud service, highlighting a missed opportunity in a sector that is witnessing soaring demand, evident in Alphabet’s recent 82% revenue growth in Google Cloud to $24.8 billion.
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