Why Meta Stock Dropped -- Then Bounced Back
Yahoo Finance ·
Reports that Meta Platforms ( META +1.77% ) has signed a "multi-year" deal to secure flash memory from Sandisk ( SNDK +9.13% ) sent Sandisk stock flying -- and Meta stock dying -- early this morning. Meta stock initially fell 4% on the news, before recovering. As of 11:40 a.m. ET, Meta stock is back in the green, up 0.5%. Citing internal Meta documents, Reuters reports the social media giant will buy NAND from Sandisk, DRAM from Samsung, and fiber optics from Sumitomo as it builds out its very own artificial intelligence computing infrastructure . Additional beneficiaries may include Broadcom ( AVGO +3.20% ) , which is helping Meta design Iris AI semiconductors for its data centers , and also Taiwan Semiconductor Manufacturing ( TSM +1.08% ) , which will contract-manufacture these AI chips.
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