U.S. chip stocks slid Wednesday and extended losses Thursday as investors worry valuations are too high and tech companies' heavy AI spending is unsustainable. Meta Platforms bucked the trend, surging 8.8% after reports it plans to build a cloud business selling excess AI computing capacity—a move that could ease investor concerns about the company's $145 billion（約23兆円） annual capital spending.
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U.S. chip stocks fell sharply Wednesday and extended losses into Thursday premarket, with the semiconductor index ending 6.3% lower. Micron fell as much as 10.6%, while Applied Materials, Lam Research, Allegro MicroSystems and Intel each dropped more than 9%. Meta Platforms rallied 8.8% after Bloomberg reported the company is building a cloud business to sell excess AI computing capacity.
Why it matters
JPMorgan analyst Nikolaos Panigirtzoglou said the outperformance of semiconductor stocks versus large cloud providers since last September appears "somewhat unsustainable in the long run." For Meta, a cloud business could generate revenue on unused computing capacity, addressing investor concerns about the company's heavy spending — it plans to spend as much as $145 billion（約23兆円） on capital expenditures this year.
What to watch
Meta is debating whether to offer access to AI models hosted on its infrastructure or sell access to raw computing power. The new business would compete in a market currently dominated by Amazon, Microsoft, Google and CoreWeave, among others.
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