原文：

原文：
There’s a lot of disinformation going around about $META “cutting capex” because they “overbuilt”.

This is an “if” they have excess capacity.

And it looks like the opposite right now:

Hyperscalers like $GOOGL are so compute constrained that they had to cut allocations to Meta back in March.

Since Meta was using too much for internal projects.

Meta was immediately constrained so it looks like they were forced to immediately sign massive $48B+ contracts with Neoclouds like $CRWV and $NBIS.

Meta is selling excess capacity if there’s any, especially since their large contracts are take or pay from the Neoclouds.

If anything, I’m expecting their guided capex to go up as they build out more independent capacity.

翻译：
关于 $META “削减资本支出” 因为他们 “过度扩张”的虚假信息正在传播。

这是在假设他们有过剩容量的情况下。

但现在看起来恰恰相反：

像 $GOOGL 这样的超大规模计算服务提供商由于计算资源紧张，早在三月就不得不削减对 Meta 的分配。

因为 Meta 的内部项目使用了太多资源。

Meta 立即面临了限制，这看起来像他们被迫立即与 Neoclouds 公司如 $CRWV 和 $NBIS 签署了价值 480 亿美元以上的巨额合同。

如果有任何过剩容量，Meta 都会出售，尤其是考虑到他们与 Neoclouds 公司签订的合同是 “要么使用，要么支付”。

如果有任何变化，我预计他们的指导性资本支出会增加，因为他们正在建设更多的独立容量。