Meta Platforms stock closed a fraction higher Wednesday, notching a 52-week high. The Facebook parent has closed higher on 13 consecutive trading days, continuing its longest-ever winning streak.
Meta's rally includes the market reaction to its fourth-quarter results published last Wednesday that beat expectations for earnings and sales. Before that, Chief Executive Mark Zuckerberg announced that Meta would spend $60 billion to $65 billion on capital expenditures this year with a focus on AI infrastructure, well ahead of previous estimates.
The gains are notable as other big tech firms have been punished by investors for similarly large capex growth. Google parent Alphabet fell 7% Wednesday following its Q4 earnings report, which included larger-than-expected capex guidance.
The strong results for Meta's digital advertising business appear to helping investors shrug off the big spending. Oppenheimer analyst Jason Helfstein said Wednesday that Google's results were "unlikely to change narrative that Meta is seeing more upside from artificial intelligence."
Meta's 20% gain so far this year is tops among Magnificent Seven stocks.
Microsoft fell following its earnings report last week.
Amazon stock fell 2.4% Wednesday to close at 236.17. The tech giant will report fourth-quarter earnings late Thursday.
Meanwhile, Meta stock investors also appeared unbothered by U.S. trade policies that expected to make it harder for Chinese e-commerce firms to sell to American customers.
Chinese e-commerce firms have been big spenders in recent years for advertising on Facebook and Instagram. But Meta stock gained Monday, the first trading day after the measures were announced by President Donald Trump.
Meta Stock Recent Breakout
On the stock market today, Meta stock added a fraction to close at 704.87. Shares also reached a new 52-week high of 718.14.
The current streak of positive trading days is the longest in Meta's history, according to Dow Jones Market Data. Its best run before this was in September 2015, when Facebook shares advanced on 11 straight days.
Meta stock is extended past a flat-base buy point of 638.40, according to MarketSurge. Meta is also an IBD Leaderboard stock.
