Joe Biden was president, the TikTok ban was still pending before the Supreme Court and the NFL playoffs had just gotten started the last time Meta Platforms stock had a down day. Shares of the Facebook parent company edged higher Tuesday – extended Meta stock's record-setting winning streak to 17 trading days.
Meta has pushed higher each trading day since Jan. 16. The previous record rally for Meta was 11 straight days in September 2015. The 17 total days is also the best-ever streak among all Magnificent Seven stocks, according to Dow Jones Market Data.
The 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. Investors appear to be forgiving of Meta's big AI spending, as the tech giant's advertising business remains strong.
Meanwhile, Forbes reported Tuesday that Meta was in talks to buy South Korean AI chip startup FuriosaAI.
Meta also on Monday began a round of layoffs for a reported 3,700 employees. Zuckerberg said in a staff memo last month that the company would cut 5% of its workforce.
On the stock market today, Meta stock added a fraction to close at 719.88. Meta's 23% gain so far this year is easily tops among Magnificent Seven stocks.
Meta stock is extended past a flat-base buy point of 638.40, according to MarketSurge. Meta is also an IBD Leaderboard stock.
