The latest Dwarkesh episode makes me think Meta is undervalued with the mountain of GPUs even if they are out of the frontier race

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Summary

Meta is transitioning from hoarding GPUs to selling compute capacity via a new cloud business, highlighting that owning hardware alone is insufficient for a competitive AI strategy.

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Cached at: 08/26/26, 07:12 AM

# Meta Just Realized Owning GPUs Is Not a Strategy Source: [https://medium.com/loop-of-thought/meta-just-realized-owning-gpus-is-not-a-strategy-90fca400d5ca](https://medium.com/loop-of-thought/meta-just-realized-owning-gpus-is-not-a-strategy-90fca400d5ca) ## A mountain of compute still needs a purpose\. [![Maxime](https://miro.medium.com/v2/resize:fill:64:64/1*b8m4xYS-JXlDOkEK56-yxQ.png)](https://medium.com/@all.technology.stories?source=post_page---byline--90fca400d5ca---------------------------------------) > Free version[**here**](https://medium.com/@all.technology.stories/90fca400d5ca?sk=5a20a0c1dba958076b4b8a4c8ffbd359)**\.** Press enter or click to view image in full size Photo by[Julio Lopez](https://unsplash.com/fr/@juliolopez?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText)on[Unsplash](https://unsplash.com/fr/photos/une-personne-tenant-un-telephone-cellulaire-devant-une-pancarte-ilbjfRwOgzA?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText)Meta spent years treating compute like territory\. More GPUs meant more models, faster experiments, fewer dependencies, and one less reason to worry about OpenAI, Google, or whichever company had just published an alarming benchmark\. Now Meta is reportedly[building a cloud business to sell some of that computing capacity](https://www.reuters.com/business/meta-sell-excess-ai-computing-capacity-via-cloud-business-bloomberg-news-reports-2026-07-01/)to external customers\. The plans remain under development and could still change\. Apparently, owning the GPUs was the easy part\. ## The Big Pile Theory of Strategy The logic behind the spending was understandable\. AI development had become constrained by compute\. Nvidia supply was tight\. Training runs were growing\. Every large technology company was terrified of becoming the customer of whoever controlled the next platform\. So Meta bought hardware, built data centers, secured power, and created an infrastructure organization called[Meta Compute](https://www.reuters.com/technology/meta-build-gigawatt-scale-computing-capacity-under-meta-compute-effort-2026-01-12/)\. Zuckerberg described the engineering, investment, and partnerships behind that infrastructure as a potential strategic advantage\.

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