Mark Zuckerberg, CEO of Meta, center, departs from federal court in San Jose, California, on Dec. 20, 2022.
David Paul Morris | Bloomberg | Getty Images
Meta‘s market cap surpassed $1 trillion Wednesday, closing up more than 1% at $390 per share amid a record rally.
Meta last exceeded $1 trillion in market cap in 2021, when it was still known as Facebook. It was the company’s first time hitting the milestone. In September 2021, its market cap approached $1.1 trillion.
The company’s soaring stock performance comes on the heels of an almost 200% surge last year, when CEO Mark Zuckerberg instituted cost-cutting measures that brought about more than 20,000 job cuts. Zuckerberg described 2023 as a “year of efficiency” after its stock plummeted to a six-year low in 2022.
Shares of Meta peaked at around $396 per share during intraday trading Wednesday. The stock was up more than 10% year to date at market close Wednesday.
Shareholders are bullish on Meta as it seeks to strengthen its position as a heavy hitter in artificial intelligence.
Last week, Zuckerberg said Meta will obtain 350,000 H100 graphics cards from Nvidia by the year’s end as well as “almost 600k H100 equivalents of compute if you include other GPUs,” indicating the company is spending billions of dollars on its AI endeavors.
Meta will report fiscal fourth-quarter earnings Feb. 1.
Microsoft also reached a market cap milestone on Wednesday, briefly surpassing $3 trillion in value nearly two weeks after overtaking Apple as the world’s most valuable public company. Apple has since reclaimed its spot at the top.
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