Facing investor skepticism over its artificial intelligence spending, Meta is taking a page from CoreWeave’s playbook. Yet in recent weeks, Meta has made a sudden pivot toward becoming an AI cloud provider. After tech companies reported second-quarter earnings, investors punished firms — Meta among them — that increased AI capex without demonstrating commensurate returns or a clear path to profitability. "Meta is spending like a hyperscaler without a hyperscaler's business model," Josh Gilbert, eToro's lead APAC analyst, told Reuters. Meta is also not the first AI company to begin selling its computing capacity in recent months.