Meta Platforms, Inc. (NASDAQ:META) shares are trading higher and trending on social media Friday. Here’s a look at what’s going on.
What To Know:
Meta CEO Mark Zuckerberg revealed in an Instagram Reels video posted Thursday that the company is planning to amass approximately 350,000 H100 GPUs from Nvidia Corporation (NASDAQ:NVDA) in an effort to advance the company’s AI goals.
Zuckerberg said the move will “support our long-term goals of building general intelligence, open sourcing it responsibly and making it available and useful to everyone in all of our daily lives.”
“We’re building an absolutely massive amount of infrastructure to support this,” Zuckerberg said in the social media post. “By the end of the year, we’re going to have around 350,000 Nvidia H100s, or around 600,000 H100 equivalents of compute if you include other GPUs.”
Meta is one of the top trending stocks on Yahoo Finance and WallStreetBets on Friday, according to SwaggyStocks.
Meta is set to release its fourth-quarter and full year 2023 financial results after the market close on Feb. 1. According to estimates from Benzinga Pro, the company is expected to announce earnings of $4.97 per share and quarterly revenue of $39.029 billion.
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Is META A Good Stock To Buy: When deciding whether to buy a stock, there are some key fundamentals investors may want to consider. One of these factors is revenue growth. Buying a stock is essentially a bet that the business will continue to grow and generate profits in the future.
Meta Platforms has reported average annual revenue growth of 18.39% over the past 5 years.
It’s also important to pay attention to valuation when deciding whether to buy a stock. Meta Platforms has a forward P/E ratio of 22.42. This means investors are paying $22.42 for each dollar of expected earnings in the future. The average forward P/E ratio of Meta’s peers is 35.23.
Other important metrics to look at include a company’s profitability, balance sheet, performance relative to a benchmark index and valuation compared to peers. For in-depth analysis tools and important financial data, check out Benzinga PRO.
META Price Action: According to Benzinga Pro, Meta Platforms shares are up 1.1% at $380.25 at the time of publication.
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