Meta shares close at a record as last year’s mega rally continues

Must read

Bank CEO shrugs off U.S. war on ‘woke’ capital, says ESG investing is good for business

Bill Winters, Chief Executive Officer at the Standard Chartered Bank, attends a panel session of the World Governments Summit in Dubai on February 12,...

Russia offering African governments ‘regime survival package’ in exchange for resources, report says

OUAGADOUGOU, Burkina Faso - Jan. 20, 2023: A banner of Russian President Vladimir Putin is seen during a protest to support the Burkina Faso...

Smartphone makers are dreaming of a ‘supercycle’ driven by AI. Analysts disagree

Samsung Electronics' flagship smartphones Galaxy S24 series are displayed during their unveiling ceremony in Seoul, South Korea, January 15, 2024. Kim Hong-ji | ReutersBARCELONA –...

The 11 GRANOLAS stocks power Europe to record highs, drawing Magnificent Seven comparisons

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 19, 2024. Staff | ReutersOver the last 12...

Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023.

Josh Edelson | AFP | Getty Images

Meta’s stock price has fully rebounded from its awful year in 2022.

The share rose almost 2% Friday to close at $383.45, setting a new record. The rally, which follows an almost 200% jump last year, is an indication that investors continue to be pleased with the lingering effects of CEO Mark Zuckerberg’s major cost-cutting initiatives in 2023 that resulted in the elimination of more than 20,000 jobs.

Zuckerberg pitched 2023 as a “year of efficiency” following a disastrous 2022, when the stock plunged 64% to its lowest since 2016.

Meta’s previous high was in September 2021 at $382.18, right around the peak of the tech bull market. However, Meta’s market cap is still below its record because the company has been buying back tens of billions of dollars in stock, reducing the number of shares outstanding. In September 2021, its market cap was near $1.1 trillion. Currently, it’s below $1 trillion.

Investors are increasingly bullish on the company’s position in the booming artificial intelligence market.

Earlier this week, Zuckerberg indicated in an Instagram Reels posting that Meta will have 350,000 Nvidia H100 graphics cards by the end of the year along with “almost 600k H100 equivalents of compute if you include other GPUs.” That suggests the company is spending billions of dollars to help support its AI ambitions.

Meta will report fourth-quarter earnings Feb. 1.

Watch: The AI dark horse: Why Apple could win the next evolution of the AI arms race

The AI dark horse: Why Apple could win the next evolution of the AI arms race

More articles

Latest article

Bank CEO shrugs off U.S. war on ‘woke’ capital, says ESG investing is good for business

Bill Winters, Chief Executive Officer at the Standard Chartered Bank, attends a panel session of the World Governments Summit in Dubai on February 12,...

Russia offering African governments ‘regime survival package’ in exchange for resources, report says

OUAGADOUGOU, Burkina Faso - Jan. 20, 2023: A banner of Russian President Vladimir Putin is seen during a protest to support the Burkina Faso...

Smartphone makers are dreaming of a ‘supercycle’ driven by AI. Analysts disagree

Samsung Electronics' flagship smartphones Galaxy S24 series are displayed during their unveiling ceremony in Seoul, South Korea, January 15, 2024. Kim Hong-ji | ReutersBARCELONA –...

The 11 GRANOLAS stocks power Europe to record highs, drawing Magnificent Seven comparisons

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 19, 2024. Staff | ReutersOver the last 12...

eToro wants to bring its trading app to Apple Vision Pro and Meta Quest headsets

An Apple Vision Pro mixed reality (XR) headset is seen at Apple store in New York, United States on Feb. 3, 2024.Fatih Aktas |...