Earlier this year, Meta Platforms Inc. (META) Chief Financial Officer Susan Li quietly announced her firm would spend $37 billion on digital infrastructure in 2024 – $2 billion more than expected.
At first glance, that seems like an odd choice. Unlike Amazon.com Inc. (AMZN), Alphabet Inc. (GOOGL), and Microsoft Corp. (MSFT), Meta doesn’t sell cloud products to outsiders. Nor does it have any plans to. So why would the social media firm become the fourth-biggest spender on AI hyperscale data centers behind those three public cloud providers?
The answer might be hiding right under your nose… or at least the noses of others.
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