Investors cheered news that Meta could get into the cloud computing game on Wednesday.

Shares of the Facebook and Instagram parent surged as much as 10% after Bloomberg reported that the company is planning to launch a cloud business that will sell excess AI compute capacity. The move would put it in direct competition with cloud giants like Microsoft, Amazon and Alphabet.

Even with Wednesday’s gain, the stock is still down 8% year to date. Investors are grappling with rising jitters about soaring AI spending and the sustainability of the AI trade as it powered a blistering hot streak in the second quarter.

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