$Wells Fargo(WFC)$ There's a view that $Meta Platforms, Inc.(META)$ could sell its excess computing capacity for around $20B per gigawatt.
Honestly, it's one of those data points that makes you quietly reconsider the whole neocloud discussion.
What I'm seeing is:
- The implied value for Meta's excess compute is around $20B per GW.
- Neocloud names like $NEBIUS(NBIS)$ and $CoreWeave, Inc.(CRWV)$ are already trading above roughly $10B per GW in practice.
- Recent real-world averages are already clustering near that ~$10B/GW level.
- Demand signals still point more toward tight supply than any real oversupply.
This setup doesn't really look like one where demand is rolling over.
It feels more like pricing power in compute is still being discovered in real time, trade by trade.
That's precisely why the bearish narrative on neocloud keeps running into friction against the actual pricing and flow data.
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