AI token rises after Meta’s strong financial results | CoinDesk JAPAN

Meta Platforms reported a positive quarter, including significant revenue increases, upward revisions to earnings forecasts, and additional share buybacks of $50 billion (approximately 7.25 trillion yen, equivalent to 145 yen per dollar). Announced full-year results. The company’s stock price is up nearly 14% after-hours, and its artificial intelligence (AI) token is also rising.

“We had a great quarter as our community and business continued to grow, and we made great progress in our vision of advancing AI and the Metaverse,” CEO Mark Zuckerberg said on a conference call. Ta. The company also said it would pay its first dividend.

CoinDesk’s Computing Select Index (CPUS), which includes AI tokens such as Render (RNDR) and Fetch AI (FET), is up nearly 10% in the past 24 hours.

(CoinDesk Indicies)

Bitcoin (BTC) rose just 2% during the same period, according to data from CoinDesk Indicies.

RNDR and AKT, the Akash network’s token, are up 4.1% and 5.2%, respectively, in the past 24 hours. These are the largest AI tokens by market capitalization.

Meta has lost more than $20 billion since 2021 due to its Metaverse pivot, but Zuckerberg has said he remains committed to the idea. Overall, Meta’s Metaverse platform failed to gain market traction, pushing the stock down nearly 60% in 2022.

But the company’s stock has risen more than 100% since Zuckerberg announced the company’s AI pivot about a year ago.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: AI Tokens Up After Meta Beats Analyst Expectations