Meta Platforms (META 0.35%) has been one of the hottest growth stocks to own in recent years. Since the beginning of 2023, it has skyrocketed by around 490%, turning a $10,000 investment into nearly $59,000.
Meta plans to cut thousands of jobs to focus on AI investment and efficiency. Mark Zuckerberg targets low performers, part of a broader industry move toward leaner operations.
Over the last couple of years, businesses across every industry sector have become overwhelmingly enamored with artificial intelligence (AI). In particular, graphics processing units have become all the rage given their advanced computing power -- which is needed to train generative AI programs such as large language models.
Meta is set to begin its previously announced workforce reduction on Monday (Feb. 10). The company told staff on Friday (Feb. 7) that those who are laid off will be cut off from Meta's internal system within an hour and notified about their severance packages via email, The Information reported Friday.
Meta Platforms (META 0.35%) stock has been in fine form on the market over the past three years, delivering healthy gains of 116% to investors and outperforming the 37% increase in the Nasdaq Composite index during the same period.
Impacted employees will receive notifications via their personal and work emails on Monday, according to an internal memo.
While there has been some recent volatility in the sector, technology stocks are still one of the best places to invest long-term. Whether it's DeepSeek introducing a vastly less expensive large language model (LLM) artificial intelligence (AI) interface that creates doubt about levels of spending on AI or it's a war of tariffs between rival nations that could affect revenue levels, the factors causing price volatility in tech stocks right now are likely to be temporary.
DeepSeek just shook up the artificial intelligence (AI) world in the biggest way since OpenAI launched ChatGPT in late 2022. The Chinese company's new R1 large language model (LLM) reportedly matches or beats OpenAI's o1 model on some benchmarks.
Meta says it will fight a $831 million fine levied against the tech giant by the European Union. A company spokesperson told Bloomberg News on Wednesday (Jan. 29) that Meta was appealing the fine.
Paul Sankey of Sankey Research explains why the excessive demand for power needed to deploy cutting-edge chips from the likes of Nvidia and support data centers from companies such as Meta Platforms could prove to be a detriment to America's tech giants in the long run. Paul speaks with Tom Keene and Jess Menton on Bloomberg Radio.
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