Meta's (META) stock surged nearly 14% in after-hours trading following the company's announcement of positive quarterly earnings. The report highlighted a substantial increase in revenue, a higher forecast, and an additional $50 billion stock buyback. This positive news also had a positive impact on artificial intelligence tokens. Mark Zuckerberg, CEO of Meta, formerly known as Facebook, expressed satisfaction with the company's growth and progress in advancing AI and the metaverse. Additionally, Meta announced its first-ever dividend. CoinDesk Indices' Computing Select Index (CPUS), which includes AI tokens such as Render (RNDR) and Fetch. ai (FET), rose nearly 10% in the last 24 hours. In comparison, Bitcoin (BTC) only saw a 2% increase in the same period, according to CoinDesk Indices data. RNDR and Akash Network's (AKT) tokens, two of the largest AI tokens by market cap, saw gains of 4. 1% and 5. 2% respectively in the last 24 hours. Despite sustaining over $20 billion in losses since 2021 due to its metaverse pivot, Meta remains dedicated to its vision. However, Meta's metaverse platforms have struggled to gain significant traction in the market, resulting in a nearly 60% decline in the stock throughout 2022.

Nonetheless, since announcing its AI pivot a year ago, Meta's stock has climbed over 100%. The text has been edited by Parikshit Mishra. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated. CoinDesk is a renowned media outlet focused on cryptocurrency, digital assets, and the future of money. It upholds the highest journalistic standards and adheres to a strict set of editorial policies. In November 2023, Bullish group, the owner of Bullish, a regulated, institutional digital assets exchange, acquired CoinDesk. Bullish group is predominantly owned by Block. one, and both entities have investments in various blockchain and digital asset businesses, including significant holdings of Bitcoin. Although CoinDesk operates independently, an editorial committee headed by a former editor-in-chief of The Wall Street Journal is being established to ensure journalistic integrity. For more information, visit consensus. coindesk. com to register and purchase passes for Consensus 2024, CoinDesk's highly influential event that brings together all aspects of crypto, blockchain, and Web3.