A lot of it is training, not inference, right? I really do think the vast majority of use is HN Claude Code, with some lawyers, etc., preparing initial draft emails that they rewrite, sprinkled on top.

As for capex implying high usage, look at xAI's capex and how it turns out most of it is now being rented out to Google, etc. High capex does not imply capex that has already found its customers and margins. Meta is an extraordinarily bad example to use, given the failure of the whole metaverse/VR thing that is now their name, but is completely vestigial.

Have a good afternoon.