Tech heavyweight Meta recently declared its inaugural dividend, coinciding with a robust revenue report that surpassed expectations, attributed to solid sales in advertising and devices over the holiday period. The company delighted investors with a $0.50 per share dividend, along with the announcement of a massive $50 billion in additional share repurchases. This financial update propelled Meta shares up by more than 10%, with a notable uptick in the value of AI-focused cryptocurrencies.
Meta Ignites AI Cryptocurrency Market
Meta’s CEO, Mark Zuckerberg, shed light on significant advancements within AI and metaverse technology under the company’s purview. Reporting a 25% leap in quarterly revenue to $40.1 billion, Meta exceeded market expectations significantly. The positive financial disclosure sparked a surge in specific AI altcoins, such as Render and Fetch.ai, with the Computing Select Index, which tracks AI-related cryptocurrencies, witnessing a roughly 10% rise in value within 24 hours, contrasting Bitcoin‘s more modest 2% increase.
Within the said index, Render and Akash Network’s prices saw a respective upswing of 4.1% and 5.2%. Both currencies are recognized for holding substantial market capitalization within the AI cryptocurrency segment.
Meta’s AI Commitment Elevates Stock Value
Despite previous setbacks, with Meta incurring over $20 billion in losses since discarding its metaverse projects, Zuckerberg’s renewed focus on AI has reinvigorated investor confidence. Meta shares had plummeted by approximately 60% in 2022, but the pivot towards AI has since doubled the company’s stock value. Currently, Meta shares are trading at $461.20, marking a significant increase of 16.85% prior to the latest trading session, following a modest rise at the close of February 1st.