Meta stock hits record high as ad business thrives

Yahoo Finance2024-03-07

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804 views|6 months ago

💫 Short Summary

Meta and Google are seeing record-high ad spending, particularly from Tencent. While concerns about AI development and ad sales persist, both Alphabet and Meta stocks are on the rise. Meta remains positive despite uncertainties about sustainability.

✨ Highlights

📊 Transcript

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Record high in trade for Meta and Google due to significant ad spending from Tencent.

00:24

Tencent's PDD reportedly spent $2 billion on ads with Meta as the top advertiser, while Google also saw a considerable amount of ad spending from Tencent.

Uncertainty regarding the sustainability of ad spending from Tencent, but Meta currently has a positive outlook.

Alphabet and Meta stocks are rising, but Google has been underperforming in comparison.

Concerns raised about AI development speed and ad sales, but both Alphabet and Meta will benefit from ad sales due to their heavy reliance on that area.