When SPAM is cold, the fat becomes firmer, paler, and easier to see. This is similar to how bacon grease turns white or creamy after being refrigerated.
The white bits are generally safe to eat and do not automatically mean the product has spoiled. If the can is properly sealed, stored correctly, and there are no unusual smells, mold, or strange discoloration, the visible fat is normal.
However, a bulging or leaking can, rotten smell, mold, or unusual texture can be signs of spoilage. In those situations, the article recommends throwing the product away rather than tasting it.