Vik: What a great time to IPO! At the peak of the memory market. CXMT Q1 revenue was 700% YoY. They have inked deals with Tencent and ByteDance to provide memory. If the USG approves, who knows they might supply to Apple too!

Vik: "Profit generating provider" is a good cash cow for Meta after all that coin they have spent in building out compute. Some will even argue its high time all those investments translate into revenue. Elon first ran this playbook. Seems like Zuck is on the train.

The competitive landscape will increasingly favor companies that can deliver efficiency gains or own the software routing layer , rather than those relying on model capability alone to command premium pricing.

Goldman Sachs projects AI infrastructure companies will account for 57% of S&P 500 EPS growth in Q2, signaling a structural pivot in market profitability toward the physical layer of AI.

Vik: More competition to neoclouds like CoreWeave and Nebius but I still don't buy the overcapacity argument even as Meta is now selling compute too. We haven't scratched the surface of what AI can do, and lots of compute still needed.