Capex很高，搞独立的AI model不容易，但META努力，不在核心技术上受制于人。Wall Street has given Meta plenty of leeway to pursue its AI ambitions, as revenue is strong and key metrics have improved, driven by AI.
Microsoft also has high CapEx, but it has not delivered major innovations for quite some time. Simply buying Nvidia chips and selling computing power to OpenAI does not meaningfully differentiate it from Oracle. The only notable innovation I’ve seen recently is the Maia chip.
