Hyperscaler Watch | Meta’s Cloud Pivot, the Circular-Financing Default & Power as the Terminal Constraint Across the Hyperscaler Build-Out

The binding constraint moved again. “Renting the Balance Sheet” traced it from chip to balance sheet; this cycle two hyperscalers moved from buying compute to selling it, pushing the scarce factor one turn further — to owned, resalable capacity — while power emerges as the terminal floor beneath all of it.

Meta’s cloud pivot is the headline, but the deeper tell is that the circular-financing architecture we mapped on the Google–Anthropic axis is now the industry default, visible most cleanly on Amazon–Anthropic, and Oracle is the live stress-test of the “weaker sponsor writes the guarantee” question left open.

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