Meta's work over the past year and a half to resurrect its lost prospects appear to be in the process of being undone. In a recent development, Meta's shares slumped over 10 per cent in just a day on 25 April.
Turbulent Meta
The share prices stood at USD 441.38 at the end of the day's trade.
This happened after the company revealed that its AI splurge will take long before it achieves any fruitful result. According to news agency Reuters, the company saw as much a USD 170 billion getting wiped out of its valuation in just a day. Major corporations have gone all in into the sector, trying to make the most of the AI boom, that has enveloped the whole world.
The mass exodus came to pass, as many investors feared that the company was once again venturing into an avenue without establishing better means of achieving results. This for many is reminiscent of the splurge that was done on Meta Verse and how Mark Zuckerberg laid all his emphasis on the project.
Nvidia Surges Amid Lull
Thereafter, the company resorted to some course-correction focusing on generating revenue from its most reliable source, advertisements.
Meanwhile, other corporations who have heavily invested in the AI mania, including Microsoft shrunk as well, the creators of Windows ended the day at USD 399.04, at a deficit of 2.45 per cent. Meanwhile, the company that has seen its value reach astronomical heights, Nvidia saw its shares jump. The GPU specialist gained 3.71 per cent, ending the day's trade on USD 826.32.
This could be attributed to the company's consistent growth over a period of time, rather than just jumping into the bandwagon, like other, the Santa Clara, California-based was well positioned to venture further into the realm of advanced technology, that could placate lives around the globe for years to come.
