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But currently, the real situation seems to be: Meta is cashing out its stock of old computing power, rather than stopping its pursuit of high-end computing power. In mid-to-late June, it was reported that Meta had signed an agreement with Crusoe, planning to obtain a total of about 1.6GW of AI computing capacity from two data centers in Texas and Missouri. At the same time, Meta's Q1 2026 still raised its full-year capital expenditure guidance to $125-145 billion. Looking at these two things together, it appears more like a reallocation of resources of different generations and purposes: continuing to buy new cards to train cutting-edge models, while old cards are used for inference in high-traffic products, hosting external models, and other application scenarios, making it acceptable to rent out a portion. However, this does not mean that purchases of the most in-demand high-end cards will slow down.

This positive market response highlights investors’ recognition of analysts’ bullish outlook. JPMorgan’s rating actions are typically closely monitored by the market, and its “Overweight” rating indicates that the institution expects the stock to outperform its industry or benchmark index in the future.

```htmlGolden Ten Data reported on July 2 that U.S. Democratic Senator Warren has called on Federal Reserve Board member Waller to halt his comprehensive reform efforts regarding the operations of the Federal Reserve's 12 regional branches. Warren stated that Waller's proposed Federal Reserve Bank reform plan appears to be inconsistent with federal law and suggested that the proposal could undermine the independence of the Federal Reserve. Although Waller, as Chair of the Federal Reserve Board's Reserve Bank Affairs Committee, holds a certain degree of oversight authority, the regional branches are established as highly autonomous entities that can independently manage their daily operations. Warren said, "Rather than being a serious proposal for Federal Reserve reform, this seems more like a carefully designed plan to please President Trump, who wants more power over the regional branch presidents. I urge you to immediately stop advancing this proposal and provide Congress with more information."```