Meta jumps 9% on cloud-computing plans as analysts cite OpenAI-Cerebras inference gains for chip-stock dip

According to CNBC, Meta Platforms climbed 9% on Wednesday after news it plans to start a cloud computing business, while chipmaking stocks fell across the board that day before rebounding somewhat in early trading Thursday. CNBC reported that analysts attributed the midweek dip in chip and memory names more to reported efficiency gains in AI “inference” than to any sign of excess computing capacity at Meta, citing a Monday report in The Information that OpenAI engineers are seeing greatly reduced inference costs after OpenAI made a deal with chipmaker Cerebras in January to use its new AI chips in OpenAI’s inference stack. Paul Meeks of Freedom Capital Markets said Cerebras’ use of SRAM could ease the memory bottleneck and hurt high-bandwidth memory DRAM suppliers such as SK Hynix, Samsung and Micron if Cerebras gains traction; Cerebras stock rose 19% on Monday, added 2% on Tuesday and was little changed Wednesday. Doug Anmuth of JP Morgan wrote in a Thursday note that he would prefer Meta focus on core AI products and inference demand across its roughly 4 billion users rather than selling infrastructure, and said Meta’s move could suggest limited AI product traction beyond advertising.