– Zuckerberg: There is nowhere near enough computing power to meet the current demand.
– Meta receives numerous offers for its own computing power—at a significant premium to what Meta itself paid for it. However, management believes the margin on selling intelligence based on this computing power is higher than the margin on selling the computing power itself.
– Susan Li (CFO): The industry has built too little computing capacity to meet the wave of AI adoption, which makes existing capacity extremely valuable. She expects capacity to remain tight across the industry for the foreseeable future.
– Meta continues to push the limits of its own capacity: There are numerous use cases in its core business alone that would be profitable—but the computing power is lacking—so Meta is purchasing capacity from third parties ($NBIS (-2,65%)) . The plan aims to maximize capacity for 2026 and 2027.
– The 2026 CapEx guidance has been narrowed to $130–145 billion (previously $125–145 billion).
– A new 1-GW data center in El Paso, Texas, is being built through a strategic joint venture with BlackRock $BLK (-0,07%) – presented as a model for partnership-based financing alongside a growing proportion of debt financing.