AI Tokens Up After Meta Beats Analyst Expectations

Mark Zuckerberg's Meta said it was pivoting away from Metaverse to Artificial Intelligence in early 2023.

AccessTimeIconFeb 2, 2024 at 8:54 a.m. UTC
Updated Mar 8, 2024 at 8:55 p.m. UTC
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Meta’s (META) stock is up nearly 14% after-hours as the company announced overall positive quarterly earnings with a significant revenue increase, a higher forecast, and an additional $50 billion stock buyback, sending artificial intelligence tokens up in its wake.

“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,” said Mark Zuckerberg, CEO of the social media giant that was formerly known as Facebook. The company said it was also issuing its first-ever dividend.

CoinDesk Indicies’ Computing Select Index (CPUS), which holds AI tokens like Render (RNDR) and (FET), is up nearly 10% over the last 24 hours.

(CoinDesk Indicies)
(CoinDesk Indicies)

In comparison, bitcoin (BTC) is only up 2% in the same period, according to CoinDesk Indices data.

RNDR and Akash Network’s (AKT) tokens are up 4.1% and 5.2%, respectively, over the last 24 hours. They are some of the largest AI tokens by market cap.

Meta has sustained over $20 billion in losses since 2021 due to its metaverse pivot, though Zuckerberg said he remains committed to the idea. Overall, Meta’s metaverse platforms have failed to capture the market's attention meaningfully, pushing the stock down nearly 60% throughout 2022.

However, since Zuckerberg announced the company’s AI pivot roughly a year ago, its stock has been up over 100%.

Edited by Parikshit Mishra.


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