金吾财讯 | 光大证券研究指出Meta进军云计算的底层逻辑，是希望为巨额的AI基础设施投资创造新的变现通道。该机构表示，根据扎克伯格在股东大会上表述，公司具备将部分计算资源对外出租的能力，说明对外变现能力本身已成为支撑Meta持续扩大AI投资的现金流保证。“整个行业目前最大的瓶颈仍然是算力供应”，因此Meta应尽可能储备更多算力资源，再决定未来如何使用。换而言之，算力出租是资源优化手段，不改变中长期扩产规划，但扩张预期或阶段性收敛。该机构强调，当前AI算力租赁赛道商业模式正在获得最强背书，Meta亲自下场侧面验证当前高回报：参考xAI对Anthropic出租算力，单月租金12.5亿美元/月隐含ROI两年可以收回Capex。Open Router6月最新数据显示，6/21-6/28全球周Token总量再创新高，达到46.7万亿，环比增长0.2%，当前供不应求的局面未发生改变。风险提示：宏观经济波动导致云厂商缩减开支；AI商业变现进度不及预期；地缘政治及贸易摩。
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