(https://www.cnbc.com/2026/07/01/meta-stock-cloud-ai-compute.html) on a compute capacity play — selling excess AI infrastructure to enterprises at a discount. The consensus narrative is "Meta's finally monetizing capex." That's true. But here's what gets missed: if Meta can undercut Oracle and Microsoft on inference costs, the entire cloud stack's margin story inverts. ORCL and MSFT have spent the last 18 months raising prices on compute.

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