meta renting out spare compute doesn't mean ai demand is topping. meta's renting bc right now its own compute earns less run internally than it does rented to someone else. that's a margin call on utilization, not a demand call. demand didn't change. what the market wants from compute did. it flipped from "how much do you own" to "how much profit do you squeeze out of what you own." the metric quietly moved from capacity to conversion. here's the part that matters. if more companies find they can't fully digest the compute they bought, "just stack more gpus" stops being an obvious trade. and the second the market stops rewarding raw capacity and starts pricing conversion, the commodity layer is the one that gets repriced first.