Meta Compute Plan Hits Chip and Neocloud Stocks; Meta Shares Jump Nearly 9%

Meta Platforms’ plan to sell surplus computing power rattled AI hardware and neocloud stocks, while Meta shares climbed nearly 9% and rose above $600. According to BeInCrypto, Meta is building a business called Meta Compute to lease idle data center capacity to outside clients, a model likened to SpaceX renting spare capacity to firms including Anthropic. Micron sank more than 10% on July 1, while SanDisk, Intel and AMD fell 6.9% to 10.6%; Nvidia slipped 1.25%. CoreWeave and Nebius dropped 14% and 17%. In Asia, Samsung and SK Hynix fell more than 7% and 9%, and the KOSPI triggered another trading halt.