Meta has fallen sharply while other big tech names climbed, and several Wall Street banks now argue the stock is cheap because of one fixable problem.

• Meta is the only big AI player that does not rent out its computing power to other companies, so its huge AI spending earns nothing back yet.
• Goldman Sachs, Deutsche Bank and Barclays all think selling that spare compute could add tens of billions in revenue and close the gap between Meta and its rivals.
• OpenAI and Anthropic are reportedly offering big premiums for compute, and the shortage is expected to last into 2028 — Meta could charge almost anything.
• The settlement of state lawsuits over child safety came in far below the scary numbers floated earlier, removing a cloud over the stock.
• Costs are the worry: research and admin spending nearly doubled, buybacks and dividends are absent, and free cash flow is shrinking.

Outlook: If Meta announces a plan to sell compute, the stock could rebound quickly; if it stays quiet, the discount likely persists.