Meta Platforms (NASDAQ: META) operates the world's largest social media advertising business through Facebook, Instagram and WhatsApp, and its stock…
Meta Platforms (NASDAQ: META) operates the world's largest social media advertising business through Facebook, Instagram and WhatsApp, and its stock jumped 9% on Wednesday after Bloomberg reported the company is preparing to launch its own cloud computing service, a move that would turn Meta into a direct rival to Amazon, Microsoft and Google.
At a Glance
- Meta shares rose 9% on reports of a new cloud infrastructure business
- The rally added roughly 150 billion dollars to Meta's market cap
- Meta would become the fourth hyperscaler to sell cloud services
- Neocloud names like CoreWeave and Nebius fell double digits on the news
- Chipmaker Micron also dropped sharply amid concerns over chip supply
A 150 Billion Dollar Reaction to a Cloud Rumor
Meta hasn't confirmed anything officially, but CEO Mark Zuckerberg said weeks ago that a cloud business was
