Meta jumped 8% on selling AI compute but the picks and shovels stocks got wrecked, is this the overbuild tell?

Ok so Meta says it wants to rent out spare GPU capacity and the stock rips 8%, meanwhile MU, CRWV, NBIS all bleeding double digits same day. That combo is what got my attention.

The bull spin is it's just older machines sitting idle between training runs, so no big deal. But think about what it actually admits. If you have enough compute to lease out, the whole infinite shortage story that every AI hardware multiple is priced on starts looking shaky.

I was digging through the moomoo community thread on this and someone made the point that stuck with me. Absolute capex still goes up, $145B next year to $175B in 2027, nobody is arguing that. The risk is the growth RATE inflecting earlier than the street models. These names don't need demand to fall, they just need it to decelerate.

Morgan Stanley still has a $775 PT on Meta fwiw so plenty of folks think this is nothing.

I trimmed some NBIS into the drop, felt gross doing it. Am I overreacting to one press release or is this the first crack in the buildout thesis?