Mark Zuckerberg's Meta Launched a Cloud Business This Week. The Stock Had Its Best Week Since Early 2024, Surging 15%.
Meta just made a big splash.
Overview
Back in May at Meta Platformʻs (NASDAQ: META) annual shareholders meeting, CEO Mark Zuckerberg said something that caught a lot of people off guard -- that the notion of selling computing access, essentially entering the cloud computing arena, was "definitely on the table."
"Almost every week there are different companies that come to us from the outside asking us to both stand up an API service or asking if we have compute that they could buy from us at some premium to what we've bought it at," Zuckerberg said.
Details
Well now, according to various reports, including Bloomberg, it is in development, and it is called Meta Compute. Meta confirmed that the initiative is under development but said things could change and offered no details on its plans, according to Bloomberg.
Source
Originally published at www.fool.com.