Amazon, Meta gained $280b

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Meta Platforms Inc. and Inc. experienced a significant surge in their stock market values, adding a combined total of $280 billion after reporting their quarterly results. Meta's stock price increased by over 14%, reaching a record high of $451, which boosted its market capitalization by $148 billion to $1.16 trillion. This surge was attributed to a 25% jump in revenue to $40.1 billion for the December quarter, driven by strong advertising and device sales. Amazon's shares rose by 8% after the company surpassed December-quarter revenue expectations, which led to an increase of $110 billion in its market capitalization, bringing it to $1.78 trillion. The positive performance of both companies contrasted with Apple Inc., whose stock value decreased by $70 billion after its quarterly results, primarily due to sales in China not meeting estimates. Meta's impressive financial performance also led to a significant increase in the net worth of its CEO, Mark Zuckerberg, by $28.1 billion, making him worth $170.5 billion and moving him into the fourth spot on the Bloomberg Billionaires Index. Additionally, Meta announced plans for capital expenditures between $30 billion and $37 billion for 2024, a $2 billion increase over its previous plan, with some investments directed towards servers for AI. Meta also declared its first dividend of 50 cents per share and a $50 billion stock buyback, signaling a shift in its financial strategy and providing additional value to shareholders. The overall market response to the tech giants' earnings reports reflects investor optimism, particularly in the potential of generative AI, which has been a driving factor in rallies for related companies.
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