Meta Platforms surges 12% on report of AI cloud service plans to rival Amazon, Microsoft

Shares of Meta Platforms surged nearly 12% in Wednesday’s trade, 1 July, climbing to $628 on the Nasdaq after a report said the social media giant is preparing to launch a cloud computing business that would sell AI computing power to external customers. The move could position Meta as a challenger to cloud leaders Amazon and Microsoft.

According to a Bloomberg report published Wednesday, Meta is exploring new ways to monetise the massive AI infrastructure it has been building for its own products.