Tech Giants Soar to New Heights
Meta Shares Reach Record High
Meta’s stock surged 2.4% on Friday, closing at an all-time high after a federal appeals court ruled in favor of a law requiring China’s ByteDance to sell TikTok or face a US ban. This marks a significant milestone for the Facebook parent company, which has seen its market cap approach $1.6 trillion. Meta’s impressive 77% gain this year follows a remarkable 2023, where its stock almost tripled.
Nasdaq Reaches Record High
The tech-heavy Nasdaq index also reached new heights, rising 0.8% on Friday and gaining 32% in 2024. This surge is largely attributed to the impressive performance of tech giants like Meta and others.
Mark Zuckerberg Meets with President-Elect Donald Trump
In a surprising move, Meta CEO Mark Zuckerberg recently met with President-Elect Donald Trump at his Mar-a-Lago resort in Florida. During the dinner, Zuckerberg showcased the company’s innovative Ray Ban specs, which feature camera technology. This meeting suggests that Zuckerberg is seeking an active role in working with the Trump administration.
TikTok’s Future Uncertain
TikTok, one of Meta’s biggest rivals, faces an uncertain future after the federal appeals court ruling. The popular app, which boasts around 170 million users in the US, may be forced to sell or face a US ban. TikTok has vowed to appeal the decision to the US Supreme Court, citing First Amendment rights violations.
Meta’s AI Ambitions
Meta’s recent success can be attributed to its focus on efficiency and innovation. The company has made significant strides in artificial intelligence, slashing jobs and rebuilding its advertising systems. Meta’s AI products and services will require substantial investments in Nvidia graphics processing units and energy infrastructure. The company is also building out data centers to support its AI strategy.
AI Milestones
In a recent post on the Threads app, Zuckerberg revealed that Meta AI has nearly 600 million monthly active users. The company is set to release version 3.3 of its Llama open source large language model, further solidifying its position in the AI race.
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