DA Davison & Co. analyst Gil Luria believes that Meta Platforms Inc.'s plan to launch a competitive cloud business is extremely bad news for Nebius and CoreWeave, as Meta has transformed from a buyer to a seller of computing power.
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More than half of Nebius's backlogged orders come from Meta, and over one-third of CoreWeave's backlogged orders also originate from Meta. If Meta truly proceeds with this plan, the value of these backlogged orders will be significantly reduced compared to a few days ago. Expand
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