Meta Platforms Surges Almost 10% to $618.06 on NYSE as Tech Giant Builds Cloud Biz to Sell Spare AI Capacity

New York, July 2: Meta Platforms Inc shares surged 9.72%, or $54.77, to $618.06 on Wednesday, July 1, according to exchange data.  The stock traded a heavy volume of 31,279,024 shares as the day’s rally marked one of the sharpest single-session gains for the counter in recent months. 

The stock moved in a range of $595.10 to $628.28 during the session, with the price settling near the upper end of the day’s band. The sharp climb reverses a large part of the pullback the stock has suffered since its April highs, when it last traded above the $600 mark before a prolonged two-month slide dragged it down toward the $555 level. 

Wednesday’s surge still leaves Meta well below its 52-week high of $796.25, touched on August 15, 2025, though it now trades comfortably above its 52-week low of $520.26, hit on March 27, 2026. The stock remains about 22% off its yearly peak even after Wednesday’s rebound.

A three-month reading of the chart shows the stock climbing steadily from around $500 in late March to a peak near $630 by mid-April, before drifting lower through May and June to touch levels close to $555 last week. Wednesday’s rally has now pulled the stock back up toward its mid-April highs, snapping a multi-week losing streak. 

Total return figures show the extent of the stock’s recent volatility. Meta shares are down 10.94% over the past month and down 15.42% over six months, reflecting the slide through May and June. Over the past 52 weeks the stock is down 21.68%, though it remains up 25.21% on a three-year basis, having gained 5.02% over the past three months despite the recent weakness. Wednesday’s near-10% jump should meaningfully narrow the one-month and six-month losses when the figures next update. 

Meta Building Cloud Business to Sell Spare AI Capacity: Bloomberg 

Meta Platforms is developing a cloud business to sell its surplus artificial intelligence computing capacity, Bloomberg News reported on Wednesday, as major technology companies look to generate returns on their heavy AI spending amid growing investor concern over overspending. 

By competing directly with established cloud leaders Amazon, Microsoft and Alphabet, Meta could tap into surging corporate demand for AI services and cut its dependence on advertising revenue, the report said. However, analysts noted the move also underscores lingering doubts about Meta’s efforts to close the gap with frontier AI labs such as Anthropic, an ambition CEO Mark Zuckerberg has backed with billions of dollars in investment, including an aggressive talent-poaching drive last year. 

In April, Meta introduced Muse Spark, the first model built by its newly assembled AI team, though it has yet to make the model available to outside developers. A Wall Street Journal report last month said the company had not set a launch date for the release. 

Under the planned cloud offering, developers would be able to access AI models hosted on Meta’s infrastructure, including Muse Spark, and pay for the computing resources needed to run them, according to Bloomberg’s Wednesday report. The setup would resemble Amazon Web Services’ Bedrock platform, which lets developers tap AI models from multiple providers through a single service, and could open up a fresh revenue stream for Meta beyond its core advertising business. 

Source

•  https://www.nyse.com/quote/XNGS:META
• https://www.bloomberg.com