Everyone's celebrating [Meta's cloud compute pivot](https://www.cnbc.com/2026/07/01/meta-stock-cloud-ai-compute.html) as if the company just found a new profit center. But here's what the bulls are missing: selling spare capacity doesn't fix the underlying demand problem. Meta spent $40B+ on capex over the last two years on the assumption that AI-driven engagement would justify mega-infrastructure. It didn't.

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