Meta stock jumped more than six percent on Wall Street Wednesday after a report said the social media giant is preparing to launch a cloud computing business that would sell AI computing power to outside customers. The report, published by Bloomberg, said Meta is developing plans to compete directly with Amazon Web Services, Microsoft Azure and Google Cloud by monetizing the excess computing capacity it has built up while racing to develop artificial intelligence.
The company would also sell its own internally designed AI models to business customers for their own uses -- a major emerging market for the cloud computing giants.
