economy
Meta unveils a new AI model that it hopes will justify its massive spending plans
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- Stock market surged on news of a U.S.-Iran ceasefire and falling oil prices.
- West Texas Intermediate crude oil prices dropped over 15%.
- Bond yields declined, with the 10-year Treasury yield falling to around 4.28%.
- All market sectors were positive except energy, with notable gains in cyclical and interest rate-sensitive areas.
- Meta Platforms launched a new AI model called Muse Spark, developed by its Superintelligence Labs.
- Muse Spark aims to be competitive with models like Google Gemini, OpenAI's ChatGPT, and Anthropic's Claude.
- Meta's substantial AI infrastructure buildout plans involve capital expenditures projected between $115 billion and $135 billion for the current year.
- Upcoming economic data includes the February PCE price index, fourth-quarter GDP, and weekly jobless claims.