Meta shares soar 10%: Is Zuckerberg’s latest AI move behind the rally?

Shares of Meta Platforms rose more than 10% on Wednesday after a Bloomberg report said the company is planning to launch a cloud business that would sell access to its artificial intelligence (AI) computing power and models.

At 12.10 pm ET, Meta shares were up 10.02% at $619.72, gaining $56.43 as investors welcomed the company’s latest AI strategy and saw a potential way for it to generate returns from its massive infrastructure spending.