Meta Hits $1 Trillion Market Cap in Record Rally, Closing at $390 per Share

(CTN News) – Meta’s market capitalization exceeded $1 trillion on Wednesday, ending up more than 1% at $390 per share during a record rise.

Meta last surpassed $1 trillion in market capitalization in 2021, when it was still known as Facebook. It was the company’s first time reaching that milestone. In September 2021, its market capitalization exceeded $1.1 trillion.

The company’s stock performance follows an almost 200% increase last year, when CEO Mark Zuckerberg implemented cost-cutting measures that resulted in more than 20,000 job losses. After its stock fell to a six-year low in 2022, Zuckerberg dubbed 2023 as a “year of efficiency”.

During intraday trading on Wednesday, Meta shares reached a high of roughly $396 per share. The stock was up more than 10% year to date as of Wednesday’s market closing.

Shareholders are optimistic about Meta as it tries to strengthen its position as a dominant player in artificial intelligence.

Last Monday, Zuckerberg said that Meta will acquire 350,000 H100 graphics cards from Nvidia.

By the end of the year, the company expects to have “almost 600k H100 equivalents of compute if you include other GPUs,” implying that it is investing billions of dollars on AI.

Meta will publish fiscal fourth-quarter profits on February 1. Microsoft

On Wednesday, it briefly exceeded $3 trillion in market capitalization, nearly two weeks after surpassing Apple as the world’s most valuable publicly traded business. Apple has since restored its position at the top.