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00:02Meta shares closed up nearly 9% Wednesday after reports that the company is building a cloud business to sell
00:08excess computing power to outside customers.
00:12CNBC's Jim Cramer confirmed the move after Bloomberg first reported it.
00:16Meta is considering whether to offer access to AI models hosted on its infrastructure or sell raw computing power.
00:22The move could help Meta generate revenue from unused capacity after telling investors it may spend as much as $145
00:30billion on CapEx this year.
00:31It would also put Meta into a competitive cloud market led by Amazon, Microsoft, Google, and CoreWeave.
00:37Shares of CoreWeave and Nebius Group fell about 12% each after the news.
00:42For all things money, visit Benzinga.com.
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