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META’s Record Surge and Big Tech Rally

META’S RECORD SURGE AND BIG TECH RALLY

Big Tech stocks soared on Friday after robust results from Amazon and Meta. Meta’s market capitalisation surged by $197bn to $1.2tn, recording the biggest one-day increase in a company’s value. The 20.3% gain came after strong Q4 sales, an optimistic outlook, and the introduction of Meta’s first-ever quarterly dividend.

Amazon shares rose 7.9%, adding about $135bn to its market value, following robust holiday retail sales. Nvidia, a key chipmaker for AI developers, gained 5% as Meta and Apple signalled increased AI investment. The gains followed a mixed week for tech earnings, with Apple and Alphabet disappointing investors.

The S&P 500 set a record closing high, up 1.1%, and the Nasdaq climbed 1.5%. While concerns over inflation and interest rates persist, the ‘Magnificent Seven’ tech stocks are expected to remain strong but may not replicate 2023’s stellar performance in 2024.

The above is for educational purposes only and does not constitute advice. You should always contact your advisor for a personal consultation.

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