The chip that cracked Nvidia’s monopoly

Here’s a number that should make your jaw drop: $130 billion.

That’s what Meta plans to spend on capital expenditure in 2026 alone. Not over five years. Not cumulatively. In a single calendar year. For context, that’s roughly the entire GDP of Hungary.

So when Meta signs a $60 billion chip deal with AMD, the instinct is to read it as a story about AMD’s comeback. About how Lisa Su finally cracked Nvidia‘s fortress. About the underdog winning.

But that’s the wrong frame entirely.