[Meta's cloud computing move](https://www.marketwatch.com/story/coreweave-nebius-shares-tumble-as-meta-stands-to-become-a-fresh-threat-in-the-cloud-a47c3616?mod=mw_rss_topstories) is getting framed as a threat to pure-plays like $CRWV. Wrong angle. The overlooked risk is this: if Meta—with $77.1B (Q1 FY2026 10-Q) :: Annual Net Income: -$740.0M] in annual net income and the scale to absorb losses—is *still* building cloud infrastructure as a margin play, what does that tell you about the underlying profitability of renting GPUs?

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