Meta's Stock Rises 14% After Positive Earnings, Boosting AI Tokens

According to CoinDesk, Meta's stock has risen nearly 14% after-hours following the announcement of positive quarterly earnings, a significant revenue increase, a higher forecast, and an additional $50 billion stock buyback. This development has also led to a surge in artificial intelligence tokens. CEO Mark Zuckerberg stated during the call that the company had a good quarter with growth in both community and business, and progress made in advancing AI and the metaverse vision. The company also announced its first-ever dividend. CoinDesk Indicies' Computing Select Index (CPUS), which holds AI tokens like Render (RNDR) and Fetch.ai (FET), has risen nearly 10% over the last 24 hours. In comparison, bitcoin (BTC) has only increased by 2% in the same period. RNDR and Akash Network's (AKT) tokens have seen gains of 4.1% and 5.2%, respectively, over the last 24 hours, making them some of the largest AI tokens by market cap. Despite sustaining over $20 billion in losses since 2021 due to its metaverse pivot, Zuckerberg remains committed to the idea. Meta's metaverse platforms have struggled to capture the market's attention, causing the stock to drop nearly 60% throughout 2022. However, since the announcement of the company's AI pivot about a year ago, its stock has risen over 100%.