Why Meta Platforms Stock Crashed Thursday Morning
Yahoo Finance ·
Shares of Meta Platforms ( META 3.88% ) traded sharply lower Thursday morning, falling as much as 4%. As of 10:49 a.m. ET, the stock was still down 3.7%. The catalyst that sent the social media titan lower was a Wall Street analyst's comments on the company's future. This week has been a rollercoaster ride for Meta investors. Early yesterday, rumors emerged that the company is working on blueprints to develop a cloud infrastructure business, according to a Bloomberg report. The purpose of this venture will be to establish a platform to sell Meta's excess computing power and provide customers with greater access to its popular artificial intelligence (AI) models, according to the report. This would not only put the company in direct competition with established cloud infrastructure providers , including Amazon Web Services, Microsoft Azure, and Alphabet 's Google Cloud, but also pit it against emerging neocloud operators CoreWeave and Nebius Group .
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