SpaceX has put a ton of excess capacity on the market.

Meta tanked chip stocks by saying it was considering the same.

Worries about compute overcapacity, via folks saying they want to offload capacity, is literally the thing that nuked the “situational awareness” fund last week.

It’s long term demand that matters, not just “price.” High prices without true demand is the literal definition of a bubble.

SpaceX has put a ton of excess capacity on the market that was subsequently absorbed by Anthropic. There's a reason why Grok is no longer free.

Meta said it was considering doing the same because they saw how valuable excess capacity was.

You're misinterpreting what actually happened.

SpaceX is selling compute to a willing buyer. You can't point to one side of the trade as evidence for under/over capacity. The way we usually judge such things is the price. If the price for compute is going up, which it is, then that's the thing to look at.