Meta Platforms Inc. CEO Mark Zuckerberg arrives at the Meta Connect event in Menlo Park, California on September 25, 2024.
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Yuan The stock continued its gains on Friday, rising 2.4% and closing at a record high after a federal appeals court upheld a law requiring China’s ByteDance to sell TikTok or face an effective U.S. ban.
Shares of Facebook’s parent company have nearly tripled in 2023 and are up 77% this year, pushing Meta’s market value to nearly $1.6 trillion.
Along with Mehta, Amazon It also closed at a record high on Friday and is up 49% this year. apple It was down slightly from Thursday’s highs. Big gains in tech giants this year have helped the Nasdaq reach record highs. The index rose 0.8% on Friday and has gained 32% in 2024.
Meta CEO Mark Zuckerberg joins President-elect Trump At a dinner at Mar-a-Lago in Florida last week, he showed off the company’s camera-equipped Ray-Bans. fox news First report. Zuckerberg, who has been frequently verbally attacked by the incoming president, is clearly looking for a solution. positive effect Cooperate with the Trump administration.
TikTok, one of Meta’s biggest rivals, has surged in popularity in recent years, especially among younger audiences, and now has about 170 million users in the United States. Strip the app, or companies like Apple and Google, as well as internet hosting providers, will have to stop supporting it.
A three-judge panel of the U.S. Court of Appeals in Washington, D.C., ruled unanimously on Friday to overturn the ruling. TikTok argued that the law was unconstitutional and violated users’ First Amendment rights. TikTok said late Friday it would ask the U.S. Supreme Court to overturn the appeals court ruling.
“The Supreme Court has a long track record of protecting Americans’ right to free speech, and we hope they will do the same on this important constitutional issue,” a TikTok spokesperson said in an email.
Meta’s rally began in late 2022 and picked up steam early last year after Zuckerberg declared 2023 as the “Year of Efficiency.” The company is cutting about 21,000 jobs and rebuilding its advertising system with new advances in artificial intelligence.
In its third-quarter earnings report, Meta reported a 19% annual revenue increase and warned that infrastructure spending would accelerate significantly in 2025. .
Zuckerberg has been talking about Meta’s efforts to develop new artificial intelligence products and services, which will cost billions of dollars NVIDIA Graphics processing units and the energy to run them. Meta has been building data centers to support the technical infrastructure needed for its artificial intelligence strategy.
Zuckerberg posted on the Threads app on Friday that Meta AI “currently has close to 600 million monthly active users” and will soon release version 3.3 of its Llama open source large language model. Zuckerberg did not disclose how Meta calculates “monthly active” users of its artificial intelligence technology.
watch: Morgan Stanley analysts say Meta is leading the race to monetize generative AI
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