Meta Soars to Longest Rally on AI Strategy
Meta Platforms Inc. shares surged for their 12th consecutive session on Tuesday, marking the company's longest winning streak ever. The rally has been fueled by investor enthusiasm over the social media giant's artificial intelligence (AI) strategy.
During the session, Meta's stock climbed 1%. Over the course of its winning streak, the company has added approximately $240 billion to its market value, bringing it close to $1.8 trillion.
Meta CEO Mark Zuckerberg described 2023 as a "really big year" for the company, expressing confidence that its AI assistant will become the most widely used in the industry. Meta has also committed up to $65 billion in AI-related investments by 2025.
Meta has experienced a significant rebound, surging nearly 700% from its November 2022 low. Analysts attribute this to the company's focus on open-source AI models, similar to the Chinese startup behind the high-profile DeepSeek AI update.
"Meta looks extremely competent, being the only one of the 'Magnificent 7' to focus on an open-sourced model," commented CFRA Research analyst Angelo Zino. He believes that DeepSeek will accelerate AI product development for Meta, leading to increased return on investment.