Meta Stock Jumps 7%, Breaks 200-Day Moving Average For First Time in Over 2 Months

META6.61%
AMZN-0.57%
Meta Platforms (META) shares surged 7% on Friday (July 9), breaching their 200-day moving average for the first time in over two months, driven by optimism around the company's AI infrastructure initiatives and bullish analyst commentary. According to BofA Securities, Meta will spend approximately $22 billion per gigawatt in 2026, less than half of the firm's previous $45 billion estimate. BofA reiterated its 'Buy' rating and $835 price target, noting that such cost efficiency could deliver more attractive economics than Amazon and Google. Meta is also planning to begin manufacturing its in-house AI chip, codenamed 'Iris,' in September as part of efforts to expand total computing capacity to 14 gigawatts by 2027.
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