Plans to develop a cloud company and sell AI capacity cause Meta’s stock to increase 9%

The technology giant Meta soared 9% on Wall Street this Wednesday in mid-session after learning of its plans to create a cloud business. Through which it would sell its surplus computing capacity for artificial intelligence (AI) to third parties, as reported by CNBC.

The Bloomberg agency first reported that Meta is studying the possibility of offering access to its AI models housed in its infrastructure or directly selling access to computing capacity.

Meta’s plans to launch a cloud business involve its entry into a market with strong rivals, primarily Amazon Web Services (AWS). Which has the largest share, followed by Microsoft and Alphabet. CoreWeave also appears, with which the company has a long-term agreement.

Meta’s CEO, Mark Zuckerberg, said in May that the option remained «on the table» should the company construct more AI infrastructure than necessary for its own goals. Meta has previously alluded to the prospect of entering the cloud market.

Large tech firms, collectively referred to as «Big Tech,» project that they will invest $700 billion in AI infrastructure this year. Meta has already spent about $145 billion on this project.

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