AI Tokens Surge as Meta Surpasses Analyst Predictions

Jonathan Stoker Feb 02, 2024, 10:20am 87 views

AI Tokens Surge as Meta Surpasses Analyst Predictions

Meta's Stock Rises Following Positive Quarterly Earnings

Meta's (META) stock has seen a nearly 14% increase in after-hours trading, following the announcement of positive quarterly earnings. This includes a significant revenue increase, a raised forecast, and an additional $50 billion stock buyback, which has driven a surge in artificial intelligence tokens.

Quarterly Performance and Vision for AI

We had a good quarter as our community and business continue to grow. We've made a lot of progress on our vision for advancing AI and the metaverse, stated company CEO Mark Zuckerberg during the earnings call. The company has also announced it will be issuing its first-ever dividend.

Computing Select Index (CPUS) Performance

The Computing Select Index (CPUS), which holds AI tokens such as Render (RNDR) and Fetch.aiFetch.ai$0.677 -2.38% (FET), has increased by nearly 10% over the last 24 hours. In comparison, bitcoin (BTC) has only risen 2% in the same period, according to the latest data.

Performance of RNDR and Akash Network's (AKT) Tokens

RNDR and Akash Network's (AKT) tokens have seen increases of 4.1% and 5.2%, respectively, in the last 24 hours. They rank among the largest AI tokens by market cap.

Meta's Metaverse Pivot and AI Focus

Since 2021, Meta has sustained over $20 billion in losses due to its shift towards the metaverse. Despite this, CEO Mark Zuckerberg has stated his ongoing commitment to the concept. Overall, Meta's metaverse platforms have struggled to meaningfully captivate the market, leading to a near 60% decrease in the stock throughout 2022.

However, since the announcement of the company's focus on AI approximately a year ago, its stock has risen over 100%.

Edited by Jonathan Stoker

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