On Wednesday, the company’s market value exceeded $1 trillion and closed up more than 1%, reaching a historic high of $390 per share.
The last time Meta’s market value exceeded $1 trillion was in 2021, when it was also known as Facebook. This is the first time the company has reached this milestone. In September 2021, its market value approached $1.1 trillion.
The company’s stock price surged nearly 200% last year, followed by a surge in stock prices. At that time, CEO Mark Zuckerberg implemented cost reduction measures, resulting in layoffs of over 20000 people. Zuckerberg described 2023 as the “year of efficiency”, after the company’s stock price plummeted to its lowest point in six years in 2022.
In Wednesday intraday trading, Meta’s stock price reached a peak of around $396 per share. As of Wednesday’s close, the stock has risen by over 10% so far this year.
Shareholders are optimistic about Meta as it seeks to strengthen its position as a heavyweight in the field of artificial intelligence.
Last week, Zuckerberg stated that Meta will acquire 350000 H100 graphics cards from Nvidia by the end of this year, which is equivalent to nearly 600000 H100 computing power if other GPUs are included, indicating that the company is spending billions of dollars in its artificial intelligence field.
Meta will announce its fourth quarter earnings on February 1st.
On Wednesday, Microsoft also reached a milestone in its market value, surpassing Apple by nearly two weeks before breaking through $3 trillion as the world’s most valuable listed company. Afterwards, Apple regained its position at the top of the list.
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