Call it a comeback. After its dramatic 2022 downfall, Meta has charged back to a $1 trillion market cap – regaining lost lustre.
Meta Platforms closed Wednesday at $390 per share, up over 1% on the day. The rally vaults CEO Mark Zuckerberg’s empire back past the symbolic 13-digit threshold for the first time since its 2021 peak.
It’s been a stunning reversal of fortunes after last year’s crisis. Meta bottomed out as a shell of its former self in 2022, prompting Zuckerberg to axe over 20,000 employees amidst sinking ad revenue. How the mighty had fallen.
But this phoenix is rising from the ashes in 2023 – its stock already up almost 200% behind ambitious moves in artificial intelligence.
“Zuckerberg is out for AI supremacy,” analyses tech investor Doug Clinton. “He’s deploying billions on R&D and hardware.”
Last week, Meta announced plans to acquire 350,000 advanced AI chips from Nvidia this year – a multi-billion-dollar spending spree. It reflects fierce determination to compete as AI transforms the technology landscape.
The aggressive investments have Wall Street back on board. Morgan Stanley recently touted Meta as its top FAANG pick for 2023, with analysts predicting major margin expansion.
Meta still trails fellow titans Apple and Microsoft, who both boast trillion-dollar-plus valuations. But with tomorrow’s Q4 earnings on the horizon, Zuckerberg is defiantly back on the charge. His company has rediscovered its swagger – and its status as a market leader.