BlockBeats News, July 1st. An analysis by Serenity suggested that there is a significant market debate surrounding whether Meta Platforms has reduced its capital expenditure (capex) due to "excess hashpower." Some believe that the related assertions have been overinterpreted, as the current situation is closer to "hashpower scarcity" rather than "capacity surplus." Large-scale cloud service providers like Google even adjusted their resource allocation to Meta in March of this year due to their own hashpower constraints, and Meta's internal AI projects have further intensified the supply-demand pressure.

In this context, Meta is believed to have had to accelerate the signing of large, long-term contracts with emerging cloud infrastructure providers, such as CoreWeave and Nebius, with contract sizes reportedly exceeding $48 billion. Even if Meta has some "redundant hashpower," it is more likely to commercialize through a "take-or-pay" model for deployment, rather than simply cutting investments. Overall, its AI infrastructure investment may continue to expand.