Meta (NASDAQ:META) AI spending report triggers $137 billion swing in stock value
Meta Platforms shares rallied Wednesday after a report said the Facebook owner could start renting out extra AI computing power. The move would shake up the main stock debate, which had centered on whether Meta’s AI spending was too high to pay off. Reuters, via Bloomberg, said Meta is working on a cloud business that might sell access to AI models on its servers and could also offer raw compute capacity for sale. The swing in the market forced a shift in the numbers. Meta was last quoted at $616.64, up $53.35, or 9.5%, from its previous finish at $563.29. That move puts about $136.8 billion more on Meta’s market cap, nearly matching the $135 billion middle of its $125
