MetaMETA

Meta's stock drops 4.9% amid AI bubble concerns and cloud service plans

In the past 24 hours, Meta Platforms' stock declined by 4.9%, closing at $582.90. This downturn follows a significant rally earlier in the week, where shares surged nearly 9% on reports of Meta entering the cloud computing market to sell AI services. The recent selloff is attributed to renewed concerns over the stability of the AI sector, particularly following a selloff in Asian semiconductor stocks, which has dampened investor sentiment.