After $Meta Platforms(META.US) began weighing compute leasing, it stoked worries that the compute supply chain may be peaking. While the market debated whether this was a stopgap or a long-term strategy, Meta answered with three concrete moves: it is serious about the compute biz.

Expanding data centers is the most straightforward prep. Mass-producing in-house ASICs aims to cut cost and lift ROI.

The newly launched LLM, Muse Spark 1.1, is the true upside surprise in Dolphin Research's view. These three changes will likely push near-term Capex higher...