Meta leads the Magnificent Seven stocks with a record 17-day winning streak
The post Meta leads the Magnificent Seven stocks with a record 17-day winning streak appeared on BitcoinEthereumNews.com.
Meta Platforms (NASDAQ: META) has extended its historic rally, closing higher for the 17th consecutive session and marking its longest winning streak ever. The stock has surged 18% during this run and is now up 22% year-to-date, closing at $719.80 on February 11. The record-breaking rally, which began on January 16, 2025, took Meta ahead of its Magnificent Seven peers, making it the best-performing stock in the group this year. Over the past 12 months, Meta’s stock has climbed 53%, pushing its market capitalization past $1.8 trillion. META stock one-day price chart. Source: Google Finance Meta’s 17-day winning streak also surpassed the previous record among Magnificent Seven stocks, outpacing Tesla’s (NASDAQ: TSLA) 13-day rally in June 2023 and Nvidia’s (NASDAQ: NVDA) 10-day streak in November 2023. According to Bloomberg, no other Nasdaq 100 company has seen such a prolonged run since 1990. Meta’s rally gained further traction following the release of its Q4 2024 earnings, which exceeded Wall Street expectations for both revenue and profit. For the quarter ended December 31, Meta reported earnings per share (EPS) of $8.02, beating analysts’ estimates of $6.75, while revenue reached $48.4 billion, exceeding expectations of $46.9 billion. Ahead of the earnings report, in late January, CEO Mark Zuckerberg announced that Meta would increase capital expenditures to a range of $60 billion to $65 billion in 2025, significantly higher than the $39 billion spent in 2024. While mega-cap tech giants have faced skepticism over their massive CapEx surge, leaving investors uneasy about their ability to convert AI spending into sustainable revenue growth, Meta has largely sidestepped these concerns. For instance, shares of Alphabet (NASDAQ: GOOGL) tumbled after the company’s fourth-quarter earnings report revealed $75 billion in planned CapEx spending for 2025, adding to concerns over slowing cloud growth, as reported by Finbold. AI investments…
Filed under: News - @ February 12, 2025 1:30 pm