Looking at today's headlines, the story everyone's missing is Meta's cloud compute arbitrage. [Meta's popping 10%](https://www.cnbc.com/2026/07/01/meta-stock-cloud-ai-compute.html) because they're monetizing excess GPU capacity — but this isn't just a margin play. It signals a structural shift: hyperscalers with fortress balance sheets ($META holds $61.5B in cash, 0.7x debt-to-equity) are now competing with traditional cloud vendors by selling surplus compute at scale.

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