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Story summary
- Meta Platforms announced it will launch a cloud business to lease excess AI capacity.
- CEO Mark Zuckerberg said the firm will only sell capacity that exceeds internal demand.
- Meta’s shares rose 6.16% to $670.40, valuing the company at about $1.7 trillion.
- The stock trades at 18.7 times forward earnings, below the S&P 500’s 21.7-times multiple.
- Analysts say confirming the plan at the July 29 Q2 earnings call could lift the share price.
