Why Broadcom, Taiwan Semiconductor Manufacturing, and Arista Networks Rallied Even on a Down Day for the Nasdaq [Yahoo! Finance]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: Yahoo! Finance
Networks (NYSE: ANET) were all rallying today, up 3.2%, 3.2%, and 4.4%, respectively, as of 3:39 p.m. EDT. While these gains may not have been extremely eye-opening, they were in the context of the Nasdaq Composite index being down around 0.65% at that time. These three are large components of that index, so to see them defying their peers is notable. The divergence is likely due to one large tech giant significantly raising its full-year outlook for capital spending, most of which will go to artificial intelligence (AI) data centers. Fears of a large AI spending war among the very biggest tech giants caused those stocks to plunge today, but the increased spending should be a boon for these infrastructure players. Meta's spending benefits these three Last night, Meta Platforms surprised investors with its first-quarter earnings report. While Q1 revenue and earnings beat estimates, the company also raised its 2024 guidance for capital expenditures to $35 billion to $40 billion,
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META
Earnings
- 2/1/24 - Beat
META
Sec Filings
- 5/3/24 - Form 144
- 5/2/24 - Form 4
- 5/2/24 - Form PX14A6G
- META's page on the SEC website