Jul. 1 at 10:18 PM
$WFC believes
$META can sell its excess compute for around ~
$20B per GW.
And yeah… this is one of those data points that quietly forces people to reframe the whole neocloud debate a bit.
What I’m seeing:
Meta implied value for excess compute: ~
$20B per GW
neocloud names like
$NBIS /
$CRWV potentially trading above ~
$10B per GW in practice
recent real-world averages already clustering around that ~
$10B/GW level
demand signals still pointing more toward tight supply than any real oversupply
If anything, this doesn’t really resemble a “demand is rolling over” type of setup.
It feels more like pricing power in compute is still being discovered in real time, trade by trade.
And that’s exactly why the bearish neocloud narrative keeps running into friction against actual pricing and flow.
