Data center names, chipmakers sharply lower on Meta's entrance in AI compute business
"Is it good for business if your customers turn into competitors," asks noted skeptic Jim Chanos, after a Bloomberg report that Meta is developing a cloud business to sell excess AI compute.
"Eating their own," responded Hank Greenberg .
Bitcoin miners turned AI infrastructure providers are sharply lower across the board in early trading Wednesday:
Riot Platforms (RIOT) is down 7.5%, Hut 8 (HUT) down 8.5%, IREN (IREN) down 4.7% and Cipher Mining (CIFR) down 8.2%.
Also lower are chipmakers like Micron (MU), AMD (AMD) and Intel (INTC), each down roughly 5%.
META, meanwhile, is ahead by 6.3%.
The broad Nasdaq is down 0.55%.