TechFlow news, according to Chaoxiang Research, Morgan Stanley released a research report on July 1 stating that, regarding Bloomberg's report on Meta planning cloud computing business, it judges that Meta is more likely to choose the lighter path of renting out idle computing power, rather than building a complete cloud service comparable to AWS. The report calculates that renting out 250 megawatts of computing power at $40/watt for one year could increase 2028 earnings per share by approximately 8%, and when the scale reaches 1,000 megawatts, the increase could reach 33%, but this earnings increase is seen as a transitional buffer, not the core logic supporting the rating. Morgan Stanley also mentioned that Meta's self-held computing power will expand to 1.9 gigawatts and 3.4 gigawatts in 2026 and 2027 respectively, providing room for the rental calculations. Morgan Stanley maintains an Overweight rating on Meta, with a target price of $775, representing approximately 37.6% upside compared to the closing price of $563.29, while setting the 2027 capital expenditure expectation at $175 billion; if the cloud computing business scales up, there is a possibility of upward revision in capital expenditure.
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